Remember that whole life insurance policy that has been sitting in the back of the desk in your spare room for 25 years now?
You may be facing different risks today than when you purchased your policy.
Put that Cash value policy to good use today!
You may have needed a large lump sum to leave to your family at one point in your life, but what about now, in retirement? Maybe you are self insured by now, and don’t need to have such a large death benefit anymore. Most cash value policies can be converted into Paid-up insurance.
What does this mean? This means you lower your death benefit, for the reward of keeping the policy forever with NO MORE monthly payments to make. Wouldn’t it be nice to have a little extra in the budget during retirement?
It’s no surprise that your insurance company isn’t calling you to inform you about this one. Let’s assume that in retirement you have gotten to the point of self-insurance. Did you know that you can transfer the cash value from your old policy into products that produce an income stream for you? Yes, you read that correctly. You can exchange your cash value policy for a multiyear guaranteed annuity and have an additional source of income in retirement. The positives to this?
1. Safety of principle
2. Guaranteed Income
3. Maintains Tax Deferred status
Long-Term Care insurance
This is something everyone should know. According to the American Association for Long Term Care Insurance, there is a 50% chance of an individual age 60 using their Long-Term Care insurance during their lifetime. With this high of a chance, the question becomes clear.
Do you want to pay Home Health, Assisted Living, or Nursing Home expenses dollar for dollar, or would you rather pay pennies on the dollar? That is the power of Long Term Care insurance.
Your cash value policy that you no longer need can be put to good use in Long-Term Care to help take care of you and protect your assets from spending down while you are still living.
Call Insurance Advisors and ask to speak to one of their cash value policy specialist today! (337)988-9059