We discuss multiple tax benefits of life insurance like immediate vesting, and the ability to create income for yourself in retirement. The best part is that the money in a life insurance policy grows tax-deferred and can be accessed tax-free, which reduces how much you need to save to make your retirement income goals. He teaches us to ask our agents and advisors to illustrate these options for us and provided us with a sample illustration.
He also teaches us about the rule of 4% to help us figure out how much money needs to be saved, so we don’t run out of money in retirement. We talk about the ability of life insurance policies to guarantee how much money you’ll receive once turning on an income, and Brian clearly explains the investment options inside of a life insurance policy. Who knew!?
Brian Heins is owner of Firm Foundation HR and is a financial advisor. To get in touch with Brian you can call him at 949-413-3282 or email brian@ffhro.com.
PS: One of the “living benefits” we didn’t get into is the ability of life insurance to pay out a portion of the death benefit early (before death) if the insured has a qualifying terminal diagnosis, critical illness, critical injury, or chronic illness. Yet another life insurance secret that shouldn’t be a secret! When shopping for life insurance ask your agent if the policy they’ve recommended for you has this type of living benefits.