Summerlin Benefits Consulting Q&AAnswer
Jan 23, 2024 - 07:12 AM
Financial circumstances should be discussed in detail with your agent before you add a fixed index annuity or indexed universal life insurance policy to your retirement portfolio. Your liquidity and income needs now and in the future are all part of the planning process to determine if either of these vehicles are right for you. FIA's and IUL Insurance policies almost always have a time commitment requirement with a limit on how much liquidity you may have in the early years of the policy. For example, most annuities allow for a 10% free withdrawal each year, and your agent should help you assess your financial circumstances to determine if that is enough access to funds during your initial time commitment. At Summerlin Benefits Consulting, our agents prefer to help clients proceed slowly and encourage you to keep enough liquid assets free so that even if your financial circumstances change down the road, you wont experience hardship. However, if your circumstances do change and you need to pull more money from your policy sooner than expected, there are options to help prepare for that possibility. Talk to your agent about this during your planning meeting to review what options are available to you.
