Permanent life insurance allows you to continue meeting your financial obligations, even after you’re gone. But once your children are out of college and your mortgage is paid off, these lifelong policies can become an integral part of your long-term retirement strategy, forming a financial bedrock for your golden years. Unlike term policies, permanent life coverage features investment benefits that can help maximize your savings.
3 Ways Permanent Life Insurance Can Enhance Your Retirement
1. Providing Valuable Cash Resources
Retirees are living longer than ever before, which means you’ll likely need assets that can replace your income for 30 years, or even longer. If you’ve depleted your savings and other investments, permanent life insurance can provide the cash flow you need for major expenses or supplemental income. Many products allow you to access the funds you’ve paid in by borrowing against the value of the policy or making cash withdrawals from the accrued value.
2. Allowing You to Choose Higher Pensions
Those who are eligible for an employer-provided pension usually must choose between a single-life distribution, with higher monthly payments until the employee’s death, or surviving spouse coverage, which typically pays less each month. If you have a permanent life insurance policy, you can choose the higher distribution amount, knowing that your insurance policy will provide financial security for your spouse if something happens to you.
3. Creating a Financial Legacy
Many people would like to leave behind enough resources to help their loved ones achieve their dreams or support important causes. A term life insurance enables everyone to create a legacy, either through supporting family members or making sizable contributions to charitable organizations or educational institutions.
Selecting life insurance is an important choice, which can be overwhelming and confusing. With a variety of policies from one of the nation’s top carriers and a reputation throughout High Point, NC, for attentive service and expertise, the Phillip Kent Beck Agency will help ensure you have the right policy for your needs. For an overview of their broad array of insurance products, visit their website today, follow their Facebook for updates and news, and call their offices at (336) 434-2111 to request your free life insurance quote.