Retirement Benefits

LIFE INSURANCE AFTER RETIREMENT

What is the Purpose of Life Insurance after Retirement?

The main purpose of life insurance in the past has been to provide for your loved ones after you've passed away. But todays life insurance industry offers other uses that you can take advantage of while you are still living- such as tax-free retirement income and long-term care benefits.


If you need help navigating different options for life insurance after retirement, we can help you. Make sure your family has the income it needs while you are living and after you’re gone.

Choosing the Right Life Strategy

Retirement comes with challenges, such as tax implications, which may impact your overall retirement strategy. Selecting the right life insurance after retirement is vital. Summerlin Benefits Consulting can provide you with the information and resources to protect your money and the people you care about.

Secure Savings and Tax-Free Options

To retire tax-free* may seem impossible. However, there are ways to create an income that is not taxable.

For example, one option is to use an indexed universal life insurance policy (IUL). If you have an IUL insurance policy, you may have a way to retire tax-free.* In fact, an IUL gives you access to some of your cash without having to pay taxes on it. Your individual financial situation will impact whether an IUL will work for you. So, make sure you connect with us to review your options and learn more.

What is Indexed Universal Life Insurance?

Indexed universal life (IUL) insurance can provide you with protection during retirement. It comes with a death benefit, like other life insurance products. However, it also allows you to utilize stock market returns without risking losing money. Because your money is held by the insurance company, your principal amount is protected. You can also tie your rate of return to an index. Unlike investing your money directly, you won't lose money when the market declines. An IUL protects your money regardless of what the market does.

Could this be right for me?

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WHY IT MATTERS   |RETIRING TAX-FREE*|

Are there really tax-free retirement options? Yes. Some IUL policies may allow you to receive an income that's not taxable. There also may be other tax strategies you could utilize based on your overall retirement strategy. For example, a premium deposit fund could help you maximize cash returns for future tax-free use. 


Ask yourself this: Do you believe that taxes will rise in the future? 

Most people do feel taxes tend to increase. Therefore, the next question is: How will this affect your retirement income? Indeed, tax changes often impact your retirement. Or, increases in taxes sometimes hit your money hardest after you pass away. For example, loved ones may end up with a tax bill. No matter your beliefs about taxes, it is critical to have a strategy to handle them.


Think about this: Which assets of yours are taxable versus non-taxable? 

Some types of retirement accounts have tax codes that make withdrawals taxable when you take them. In addition, if you have money in certain types of accounts, your money may be at risk. In fact, stock market volatility impacts many accounts. However, an IUL does not have money in the market. Therefore, your money is not at risk in the market. Each policy is different in terms of its details and benefits. Importantly, IUL’s can provide more than the ability to retire tax-free.*


Consider this: Could an IUL be a viable option for you?

People can retire tax-free* with an IUL. Take a look at the list below and consider how each may apply to you. Our team at Summerlin Benefits Consulting is happy to help you discover more about the possibility of retiring tax-free.* Also, we can review your current life insurance policies with you to see if the tax-free* strategy may apply.

a happy black couple who are planning for their retirement together
a happy extended family picnics together under a tree
income tax forms and a calculator and pen

Do you...

  • Think taxes will be at a higher rate in the future?
  • Believe you should prepare for a possible tax increase?
  • Have a way to counter-balance higher taxes in retirement?
  • Know how taxes may impact your beneficiaries?
  • See a way to minimize taxes on your estate?
  • Have a strategy for tax-free* money?
  • Feel it is better to pay taxes on some money now or pay taxes later, possibly at a higher rate?


What are Your Next Steps?

Contact us to learn more ways to reduce overall tax implications on your retirement. Indeed, there is no way to know where exactly tax laws will land in the future. Also, we can’t know for sure how those changes may impact your money. However, you can make a strategy to help. Additionally, an IUL may allow you to take advantage of some market upside. You may also find value in the peace of mind that this life insurance policy provides. An IUL may be part of a retirement strategy, as well as a way to earn tax-free* income.

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