What are your options if you don’t qualify for a Roth Ira, or if you want to contribute more towards your retirement? Did you know that Permanent Life Insurance offers competitive returns, liquidity of your funds during accumulation, and there are no limits on the contributions made annually?
Plus, an important benefit is that Permanent Life Insurance provides Income Tax Free Death Benefit, Tax Deferred Build up of cash value and the potential for Tax Free Retirement. The main purpose of purchasing permanent life insurance is for the death benefit protection it provides. In the event of a premature death, the income tax free death benefit would help fund your spouse’s retirement.
However, permanent life insurance also offers the ability to build up tax deferred cash value that can be accessed during your lifetime to generate a stream of retirement income – potentially income tax free. You can access that cash value using income tax-free policy loans and withdrawals.
This is why Permanent Life Insurance is known as the alternative of Life Insurance Beyond the Death Benefit.