TAX FREE RETIREMENT INCOME
Life insurance can even be used to both protect us in the present and help us be secure in the future. The power of compounding interest within a Cash-Value Life Insurance Policy can help achieve these aims.
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How can You Help with Tax Free Retirement Income?
Many life insurance policies grow in cash value within the policy. Once the cost of your insurance is taken care of the remaining money within the policy can grow in cash value.
There are several ways that this can work, but basically you pay for a permanent life insurance policy (Either Whole Life or Universal Life). The money goes into two different buckets.
Covering the cost of insurance
Funding the cash value within the insurance policy
Once you reach a certain point in time in the policy, you can take the money from the policy in the form of loans or withdrawals to fund purchases or as income in retirement.
This allows you to accomplish two things at once: Make sure your family is protected if something happens to you now and also in the future.
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