Planning for Tomorrow with Life Insurance

by Community Manager ‎12-09-2015 02:52 PM - edited ‎12-16-2015 03:48 PM (3,482 Views)

How life insurance can provide income during retirement years.


People are living longer than ever before, and that means there is a need for their retirement savings to last longer. As you plan how to fund your retirement, two tools to consider are universal life insurance and annuities.


Building for the Future

While in your income-earning years, the money that will help fund your retirement can grow. A universal life insurance policy gives lifetime coverage while also allowing you to build cash value, tax-deferred. As an example, a 30-year-old male in the best rate class who is putting money into a universal life insurance policy could, after 30 years, have as much as $86,000 from monthly payments of just $150.


Predictable Retirement Income

When you reach retirement, you can take the money that’s in your universal life policy and put it into a guaranteed income annuity, creating a regular source of income that can pay you throughout your retirement. If you choose, you could have the annuity continue payments to a spouse* or another person you care about after your death, or have the payout amounts increase to offset inflation.


Universal life insurance and annuities both offer many choices, allowing them to be customized to fit individual retirement needs. An insurance specialist can help you review your choices and create a strategy that will help you to meet your retirement goals—letting you focus on the things that matter.


Talk to an insurance specialist today.


DISCLAIMER: AAA Life and its agents do not provide legal, tax or financial advice. Please consult your professional advisor prior to the purchase of any policy or contract. Life insurance underwritten and annuities offered by our affiliate, AAA Life Insurance Company, Livonia, MI. AAA Life is licensed in all states except NY. ALMI-23035-O15-XX


*Spouse includes Registered Domestic Partner, Civil Union Partner, or party to a domestic partnership between two adults, as recognized by state law.


A version of this story appears in the January/February 2016 issue of AAA Living magazine.


Image credit/source: iStock

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