More Retirement Plan Strategies Are Using Permanent Life Insurance

Baby-boomers are expecting to live longer lives and they will need to consider that when creating an estate plan. There are many baby-boomers that are thinking about the practical benefits that permanent life insurance will be able to provide. “Once used as a tool for estate planning or wealth transfer only, permanent life insurance—also known as cash value insurance—has experienced an increase in popularity as a financial tool among individuals over 50 to cover newly acquired mortgages and other financial obligations.” This article discusses some of the main positive and negative aspects of permanent life insurance. Permanent life insurance might not be an appropriate option for everyone and it is important for people to think about their individual financial circumstances. It is a good idea for people to meet with a professional estate planner to discuss whether permanent life insurance is the right choice to make for retirement planning.

See Kevin Saia, Permanent Life Insurance Gaining Momentum in Retirement Plan Strategies, Digital Journal, December 16, 2015.