A sound insurance strategy can help boost retirement goals. This may come as a surprise to many readers who only consider insurance for homes, cars, and health yet there are many new policies and annuities that can provide income in retirement.
Cash-value life insurance policies offer protection and a savings account. The policies designate a portion of the premium to cover the insurance costs while the remaining portion goes towards accruing cash-value. The cash-value account will grow over time and can be used in various ways. The policy holder can use the account to pay the premium, they can borrow from the account and pay it back like they would a loan or withdraw from the account.
An annuity is a financial product also sold by insurance companies that offers a guaranteed income to the purchaser. There are many types of annuities and many positives with each, but there are a few negatives like modest returns and limited access to funds. We often recommend Fixed Indexed Annuities to clients as part of a balanced portfolio.
Contact Alloy Wealth if you have questions about insurance and annuities. We’d love to help you achieve peace of mind and financial comfort in retirement! 800-689-3935