Life insurance protects families from financial losses in the event of an unexpected death. In certain circumstances, however, it can also function as an investment. We’ve outlined a few ways that life insurance can be used as an investment and invite you to contact us at Phil Klein Insurance Group for any additional assistance.
Supplementing Retirement Income
With a fixed government income, many individuals find themselves needing additional finances during their retirement. A universal life insurance policy can be used as an income source during retirement, allowing policyholders to tap into its value through various methods.
The Cash Value of Life Insurance Policies
A life insurance policy can gain value over time as policyholders pay into it. This accumulated value can be used as security when the individual wishes to borrow against their life insurance policy. Direct access to a policy’s cash value may also be possible in certain situations.
Tax Benefits
Life insurance policies come with certain tax benefits. These include but are not limited to, tax deferrals and the ability to receive death benefits tax-free. Consulting an insurance or tax expert in West Bloomfield, MI, can provide valuable insights into how a life insurance policy can positively impact your tax situation.
Speak With Our Life Insurance Agents
Our representatives at Phil Klein Insurance Group in West Bloomfield, MI, are ready to provide you with more information on life insurance policies. We invite you to contact us for assistance in setting up a policy or to ask any questions you might have regarding the information shared in this post.
