Life Insurance

what you need to know about

Life Insurance After Retirement

The main idea behind life insurance is to provide for your loved ones when you pass away. If you want help navigating different options or just want information on life insurance after retirement, we can help. You would want to make sure your family has the income they need in the event something were to happen to you. Many factors impact rates, but Sadie Sicka can help you determine a favorable rate. 

However, a life insurance policy after retirement can offer you much more than a death benefit. The financial goals you have for your savings change when you are near or are in retirement. Rather than risk their money in the market, retirees generally look for ways to protect their money. In the same way, life insurance goals can also change over time. 

Choosing the Right Life Insurance Policy

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Protecting your family remains a priority, of course. There are, however, additional challenges associated with retirement, such as tax implications, which may impact your initial strategies So selecting the right life insurance after retirement is essential. Sadie Sicka has extensive insurance industry experience. We want to provide you with the resources to help you protect your money and the people you love. 

What Is Indexed Universal Life Insurance?

A universal life insurance policy, or IUL policy, provides protection during retirement. It has a death benefit, just like other life insurance products. However, the benefits of an after-retirement life insurance policy go beyond simply death benefits. An IUL may allow you to take advantage of stock market returns.  Since your money is held by the insurance company, your cash value may be protected.* You can also tie your rate of return to an index.  Unlike investing directly in an index fund, you may not lose money when the market declines.  No matter what the market does, an IUL can help protect your money.

*Insurance products are backed by the financial strength and claims paying ability of the insurance carrier.

Tax-Free Retirement*

Are there tax-free retirement options? Not entirely. Some IUL policies might allow you to receive an income that’s not taxable, but not in all cases. Tax-free income can also be obtained by drawing from a Roth IRA or other Roth 401(K) plan in retirement. There may be additional tax strategies you can utilize, based on your retirement strategy. For instance, a max cash value life insurance policy could potentially give you tax-free income.

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Different life insurance options are available to suit your specific needs.

We understand that providing for your family is one of the most important things you can do. Get in touch with us to discuss your options for life insurance after retirement today!

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