If you are looking for a supplemental retirement plan, consider investing in a life insurance plan. It will provide you with an extra source of income every month during retirement. Unlike other retirement plans, you have the ability to take money from your retirement plan at any time.
Benefits of a Life Insurance Retirement Plan
There are many reasons why a person should consider using a life insurance retirement plan, including:
- Tax Deferred - As the money grows within the retirement plan, it is not taxed. Money is also not taxed as you pull it out of the plan.
- Transferable to Family - After the policy owner passes, the money left in the plan will be passed to the family. Your family will not be taxed for the money left in the plan.
- Borrow Against Your Plan - If the policy owner would like to take a loan out, they can borrow against their policy at a minimal rate.
- Emergency Cash - The policy owner has access to the cash held in the policy. They can use this money without penalties enforced.
These benefits make a life insurance policy an excellent way to add to your retirement plan. There are many more benefits than you may realize. This is an excellent choice for young professionals who are starting to consider their retirement plan.
Discuss your retirement plan with an agent from Rafail Insurance to understand what a life insurance plan can do for you. Our agents are more than happy to talk to you about the best life insurance policy for you and your family. Give Rafail Insurance a call to start your life insurance retirement plan
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