Better understanding what you can be doing with your income and life insurance plan is our goal. Whatever we can do to help you better understand where your money is going, and what you could be doing to better set up yourself for retirement, and your family and future. One of our strategies in 2020 concerns what’s known as converting an IRA into an overfunded Index Universal Life Insurance Policy. Here are a few reasons why someone may consider.
5 Year Conversion Period
Let’s say you start this plan at age 60. If you consider annual IRA distributions, along with annual tax refund from policy values, it will only take until age 65 to start seeing annual tax free income.
Pre Retirement Non Taxable Death Benefits
By converting over into an IUL (Index Universal Life) from an IRA, you are putting yourself in a position to start earning annual tax free income BEFORE retirement.
Upside Growth Potential
You wouldn’t put all your money on black if you had a 50/50 shot of winning on red. Why risk losing money? With this Index Universal Life plan, the plan provides upside growth, with no risk.
No Risk of Principal Loss
Other financial strategies can put you at risk, and 2020 is anything but predictable. Though the market is healthy, you may be looking for a safe way to provide for you and your family. Let’s talk about what we can do to help eliminate principal loss though an IRA or other situation.
Greater After-Tax Retirement Distributions
Within 5 years of taking the steps to convert an IRA into an overfunded Index Universal Life Conversion, you can start seeing pre retirement death benefits, but also greater after-tax retirement distributions. You can check out the graphic below to understand a little more.
If you’d like to talk to someone regarding this plan or any plan regarding your life insurance policy, just contact us via our form or give us a call! We understand that money isn’t something that can be talked about through a website, but want to do everything we can to help provide intel on what we can do to help! The best way to get started is to just start a conversation! Let’s chat!