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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
July/August 2019
Reasons to Consider Owning Life Insurance in Retirement
If you are retired and your children are on their own, you may not need as much life insurance* anymore. Then again, your life insurance benefits could continue to help you and your loved ones for years to come. Let’s count the ways:
1. Provide Supplemental Income.
If you’ve owned a whole life insurance policy for a number of years, there is a good chance it has built-up cash value, which you can tap as an extra source of income or use to continue paying premiums.2. Pay Off the Mortgage.
If you still have a mortgage, your life insurance death benefit might be enough to allow a loved one to live in your home mortgage-free after you’re gone.3. Replace Your Income.
Retirement isn’t what it used to be. It’s not uncommon to see older Americans returning to the workplace because they need the money or enjoy having the extra cash. Your life insurance death benefit can replace this extra source of income for your spouse.4. Leave a Legacy.
You can be cash-poor and still leave a financial legacy to loved ones or a favorite charity via a life insurance benefit.5. Equalize Your Estate.
If you own a business and you have a child who will take over, life insurance can help equalize your estate for those children not involved in the business.6. Accelerate Death Benefits.
Many policies have an additional feature, or rider, called an accelerated death benefit, while others may offer it as an option. Should you become terminally ill, you may be able to use this rider to withdraw a portion of your death benefit in cash. Other rules and restrictions apply.7. Help Pay for Long Term Care.
Some life insurance policies include a rider at an additional cost that allows you to withdraw a portion of the death benefit to pay for long term care costs.8. Pay Final Expenses.
Loved ones can use your policy’s death benefits to cover funeral and other final expenses.*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. The cash value depends upon the type of product, the face amount, the time in force and length and amount of premium payments. The withdrawals you make or any outstanding loans or loan interest you have will then simply be accounted for in the payout of your policy’s death benefit.
GE-2374152c (2/19)(Exp. 2/21)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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