Summerlin Benefits Consulting Q&AAnswer
Nov 22, 2024 - 02:38 PM
FIUL policies offer significant advantages for high-net-worth individuals, particularly in light of upcoming tax changes. They provide tax-free growth on premiums, a tax-free death benefit, and the ability to access tax-free funds for long-term care. By using an FIUL, individuals can reduce the tax burden on retirement income, protect their retirement savings from market fluctuations, and avoid the risk of depleting funds through taxable withdrawals. This strategy becomes especially valuable for those facing higher taxes in retirement or needing to address long-term care expenses without affecting their taxable income.
