Can Life Insurance Be Used For Retirement?

With all the uncertainties in the market, social security and other sources you might be thinking of things to do to get prepared for your retirement. Plus, we are living longer and need to find ways to have enough money once we’re not working.

If you’re reading this article then more than likely you’re probably wondering if you can actually use life insurance during retirement. First, we need to clarify a few things.

Life insurance is not an investment, mutual fund or bank. You can have a policy that over time can build cash value which can be accessed later on in life. An example would be during retirement or to fund a college education.

There are life insurance policies that have potential to provide interest when the market is up and then safeties when the market is crashing. The safety is that when other people are getting negative interest rates your money is safe, perhaps not earning interest. I don’t know about you, but I’d rather keep the amount than lose my hard earned money like what happened in 2008.

Of course, there are many benefits to this type of policy but it is important to have a more detailed explanation of all the benefits, risks and implications of doing this. Since each person’s situation is different please contact us today to see how we might be able to help you supplement your retirement with life insurance.