When it comes to retirement planning did you ever consider using life insurance as a vehicle? Mostly we think about 401k, Mutual Funds, CDs, or Stocks. If you have a 401k, take a look at this video by Tony Robbins about fees that may be killing your retirement. Apart from the fees, you’ve got the volatility of the market that in another 2008 market crash, your retirement can go with it. That’s why there’s retirement insurance called an annuity.
Some types of permanent life insurance not only have the death benefit, but there’s a second portion that develops cash value. Your premium pays for the life insurance and a part of the premium goes into the cash value where your money grows 4%-12% with tax advantages. You can use your income for retirement, vacations, emergencies, and it can pay you an income stream you cannot outlive. That’s right! You cannot outlive! Can your 401k or mutual funds do that? If you run out of money from your 401k or mutual fund can you ask your broker to give you more money? No, but your life insurance can do that.
Remember, you still have to qualify for life insurance and the healthier and younger you are, the likelier you are to qualify and get a better rating!