Summerlin Benefits Consulting Q&AAnswer
Jan 03, 2025 - 09:52 AM
During retirement, life insurance can be used for several beneficial purposes. One key use is providing tax-free retirement income through policies like Fixed Indexed Universal Life Insurance (FIUL). These policies allow retirees to access the cash value accumulated in the policy without paying taxes on it, offering a source of income that does not impact taxable income. Additionally, life insurance can provide long-term care benefits, helping cover the costs of healthcare as retirees age. Overall, modern life insurance policies offer financial flexibility and protection, addressing both retirement income needs and healthcare costs while the policyholder is still living.
