Summerlin Benefits Consulting Q&AAnswer
Nov 22, 2024 - 02:36 PM
Living benefits in an FIUL policy provide financial flexibility during retirement, especially for long-term care needs. These benefits allow policyholders to access a portion of their death benefit while still alive, which can be used for long-term care expenses. This is invaluable, as it can cover significant costs without depleting retirement savings or increasing taxable income. Using the FIUL's living benefits for long-term care also ensures that the retiree avoids higher taxes, as life insurance benefits are tax-free, providing financial protection in later years.
