• Home
  • E-Booklets
  • Pay Less Tax
  • Privacy Policy
  • Cheatsheets
  • Contact Us
  • About us

Retirement Income

New Ways to Get More Retirement Income

  • Retirement Advisors
  • Retirement Insurance
  • Retirement Investing
  • Retirement Living
  • Retirement Planning

Retirement Information for the Life Insurance Coverage

Posted on November 23, 2011 by bobrichards

When you are entering retirement, re-evaluate your life insurance. Perhaps you're nonetheless paying premiums on the entire life coverage. Without dependents counting on your monetary support, you may use it for various estate-planning needs or for leaving a legacy to charity or your children. But what choices might you're taking with your coverage whilst you're nonetheless living?

The general retirement information for life insurance is the fact that you not need protection as most people buy protection to protect their younger children. So you may have some benefits in that coverage you can utilize in other methods:

• Equally sound retirement information is to maintain the coverage in force indefinitely by changing it to a paid-up coverage. Here, you pay no more premiums, however the quantity of insurance may be significantly decreased, yet permanent. The acquired money value stays undamaged which means you keep the option of obtaining it if required. Again, you have freed up cash used for premiums and managed some for a legacy or long term cash

• You may maintain the policy in force under a provision known as 'extended term.' In this case, you pay no more premiums - freeing up those dollars for other things - however continue being insured for your full coverage amount. A retirement information is to simply let the policy's accumulated money value pay the premiums for the specified period of time, after which the insurance coverage will finish. In this option you have freed up money and allowed the possibility leaving a legacy in case you die during the remaining coverage term.

• You may annuitize the policy by changing it's accumulated money value for a payment strategy with the insurance provider. This offers you with a lifetime of revenue to put to other retirement revenue you've. This is retirement information we usually do not give as insurance businesses don't tend to pay very appealing rates of interest. However it's usually worth checking.

• You could gain access to the policy's cash worth through loans. A mortgage will decrease the loss of life benefit and money value of the coverage. Again, you've freed up money for the use.

• And finally, you can take partial withdrawals or surrender the coverage. Surrendering the policy outright permits you to obtain its remaining money worth.

• However an additional bit of retirement information is to pursue a lifestyle settlement. In this kind of a situation, an additional party purchases your policy from you and hands you money. They keep the coverage in force and eventually collect the death benefit. Some policy holders get more this way than surrendering the policy to the insurance provider.

Each of those pieces of retirement information triggers its very own tax consequence. But recognizing what choices there are is important to make put into place a good retirement plan for your years to come. Call your insurance provider and order a 'policy ledger' and then make an appointment to evaluate the above choices with your life insurance agent and your accountant.

How to Prosper and Thrive In Retirement

For those already retired seeking to improve their finances
  • The 4 most important issues for any retiree and a quick plan to address each
  • The overlooked annuitization of assets to make your money go farther and reduce risk
  • An easy way to save money on health coverage
  • You don’t need to be rich to plan your estate like this
  • A few simple lessons can reduce stress and bring more joy in your retirement year. Stop worrying and learn the simple
  • actions to take.

    You might also like:

    • Use Life Insurance in Estate Planning to Treat Beneficiaries Equally
      Use Life Insurance in Estate Planning to Treat…
    • What's the True Cost of Senior Healthcare
      What's the True Cost of Senior Healthcare
    • Estate Financial Planning Has Nothing to Do With Your Wealth
      Estate Financial Planning Has Nothing to Do With Your Wealth
    • Retirement Solutions— Difficult Trends and What You Can Do
      Retirement Solutions— Difficult Trends and What You Can Do
    • Update on Social Security Cash Flow
      Update on Social Security Cash Flow
    • Social Security Office Cheating Retirees
      Social Security Office Cheating Retirees

    Filed Under: Retirement Advisors

    About bobrichards

    Bob Richards
    Editor | Involved in Various Marketing Positions within the Financial Services Industry

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Second place winner best retirement blog

    SH award winner SMALL (1)

    Not Enough Savings to Retire?
    Learn Six Ways to Earn Retirement Income (from home)

    You do not need special talents, skills, computer knowledge, etc. We show you multiple ways others are working a few hours a week to generate a comfortable retirement income.

    Download Free Copy

    Latest Posts

    Update on Social Security Cash Flow

    Update on Social Security Cash Flow

    What's the True Cost of Senior Healthcare

    What's the True Cost of Senior Healthcare

    Social Security Office Cheating Retirees

    Social Security Office Cheating Retirees

    Use Life Insurance in Estate Planning to Treat Beneficiaries Equally

    Use Life Insurance in Estate Planning to Treat Beneficiaries Equally

    Estate Financial Planning Has Nothing to Do With Your Wealth

    Estate Financial Planning Has Nothing to Do With Your Wealth

    Categories

    • 401K IRA Roth Withdrawals, Distributions, and Rollovers
    • Annuities for Income
    • Estate Planning
    • Retirement Advisors
    • Retirement Insurance
    • Retirement Investing
    • Retirement Living
    • Retirement Planning
    • Social Security
    • Supplemental Retirement Income
    • Tax Savings
    • Alternative Investments
    • E-Booklets
    • Pay Less Tax
    • Privacy Policy
    • Cheatsheets
    • Contact Us
    • Subscribe
    • Sitemap

    Recent Posts

    • Update on Social Security Cash Flow
    • What's the True Cost of Senior Healthcare
    • Social Security Office Cheating Retirees
    • Use Life Insurance in Estate Planning to Treat Beneficiaries Equally
    • Estate Financial Planning Has Nothing to Do With Your Wealth

    The Retirement Income Blog

    25A Crescent Drive #1508
    Pleasant Hill CA 94523
    T: 844-887-4131
    E: [email protected]

    © 2018 Retirement Income