Summerlin Benefits Consulting Q&AAnswer
Nov 22, 2024 - 02:28 PM
An FIUL policy provides tax-free income by allowing cash value growth without taxes on gains, and it can be accessed through withdrawals or loans without triggering taxable events. Additionally, it offers long-term care benefits, allowing policyholders to access funds for long-term care expenses, typically free of taxes. This can prevent depleting other retirement savings and increase tax efficiency, especially for high-net-worth retirees. Since life insurance benefits are also tax-free, the policy helps reduce tax burdens while offering financial protection during retirement.
