Permanent Life Insurance
- Do you need your life insurance to last your entire life in order to pay estate taxes or final expenses?
Does the ability to grow cash value on a tax-deferred basis sound appealing to you? If so, permanent life insurance is a great option.
Add to your Retirement
This is a great way to fund a supplemental retirement plan since this cash value grows on a tax-deferred basis. If withdrawn correctly, this can provide you with a tax-free retirement income and you don’t have to wait until normal retirement ages to access it. You get the benefits of a Roth IRA without the restraints.
Permanent life insurance is an effective way to pay for estate taxes, final expenses or even create a legacy to your favorite charity. The death benefit on a life insurance policy is usually income-tax free.
Tax Free Savings?
Are you looking for an additional way to save money on a tax-deferred basis? Each time you pay your premium in a permanent life insurance policy, part of that premium goes towards building cash value. You can even over-fund your policy by putting in more money than the policy requires.
Universal Life Insurance?
Universal life insurance is often the most efficient type of permanent life insurance because it is cheap when compared to whole life. Whole life insurance tends to be a more expensive type of permanent life insurance.
Permanent life insurance is also a reliable way to provide financial security for your family. One of the benefits you get from permanent life insurance is guaranteed lifetime protection if the policy is properly funded. In addition, the build-up of cash value is a great way to build an emergency fund or additional savings for a rainy day. When the goal is cheap long term permanent life insurance, Elwood Benefits can tailor a plan to fit your needs.