Minimize Retirement Risk With Permanent Life Insurance

(NewsUSA) – With persistent economic uncertainty, retirement worries plague many Americans. Instead of dreaming about their golden years, workers may be haunted by the possibility of a retirement where the idea of not having enough money may not be hyperbole. Consumers are looking to diminish risk and take control. A financial professional will tailor a plan to fit an individual’s own financial goals, but permanent life insurance should be a part of any diversified retirement strategy and can offer security and growth for those with a number of working years ahead.Permanent life insurance offers death protection as well as the potential for cash value accumulation, which can be an important source of retirement income. As the value of a permanent policy grows tax deferred over time, the cash may be used for any purpose.* This kind of life insurance offers a measure of flexibility that enables consumers to make choices and better manage their financial lives and can augment other income sources like Social Security, 401k savings or pensions for those lucky enough to have them.The income stream from a permanent life insurance policy may also help cover the "gap years," which fall between retirement and the age when Medicare and Social Security benefits begin. Most retirees will need the guidance of a financial professional to determine the best use of resources during the gap period and throughout retirement. However, consumers should know that a permanent insurance policy could be the difference between retirement at an age you desire instead of when Social Security and qualified plan distributions start. This additional resource may also enable a retiree to delay the start of Social Security payments, which will ultimately deliver larger monthly sums over time.In addition to assisting with bridging the gap years, a permanent insurance policy may help cover unexpected or planned expenses from healthcare costs, to paying for a grandchild’s college education, to contributing to the start-up of a family business.No matter how permanent insurance is ultimately used, if structured properly, a policy can provide an income tax- and estate tax-free death benefit. Retirees can then spend their retirement income knowing they will still leave a legacy to their children or a favorite charity.To learn more about how to leave a legacy and strengthen your retirement plan with permanent life insurance, please visit www.pennmutual.com.       *Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values.

Life Insurance: Possibilities in A New and Complex World

Five words or less(NewsUSA) – According to a recent study published by the Life Insurance and Market Research Association, last year only 44 percent of U.S. households had individual life insurance, and 30 percent of U.S. households had no coverage at all.
These statistics come at a time when using life insurance for both its protection benefit and as a way to build cash has never made more sense. Once pillars of financial stability, home equity, defined benefit plans, 401(k) matches and social security are now under threat. Under these circumstances, funding a college education, launching a new business or meeting an unexpected health emergency are daunting and cannot easily be resolved with many of yesterday’s financial solutions.
A permanent life insurance policy that is reviewed and updated on a regular basis protects more than just assets. It brings stability and can help you take advantage of so many of life’s possibilities.
If you are thinking about buying life insurance or increasing the amount of coverage you already have, here are some common misperceptions you should know:
Life insurance is a death benefit only. In addition to a death benefit, permanent life insurance offers cash value accumulation. This money can be used to cover all kinds of life expenses for you and your family, or, small business.
Buying term insurance with a minimum amount of death benefit and putting the rest of your money in other investments is the way to go. While death protection is important, permanent life insurance offers that protection and cash accumulation, thereby meeting your needs as they evolve throughout your lifetime.
Life insurance matters only when you have children. Life insurance can fulfill many different needs aside from protecting children. For instance, you can access the cash value of a permanent policy to help grow a business or fund a favorite philanthropy.
Life insurance is a monthly bill. Premium payments on a permanent life insurance policy are an investment in your future. A permanent policy is like paying yourself, as the policy accumulates cash value over time that can be used when and however needed.
For more information about all of life’s possibilities that life insurance may fulfill, please visit www.pennmutual.com.