Life insurance is for those you love and it also can be for you. Here’s what I mean: First of all, you should have the maximum life insurance available, no matter the type of life insurance, to make sure that those you love are taken care of financially if you’re not there to provide financial security.
The second value to life insurance is to you while you’re living. If you have cash value life insurance such as whole life insurance you have the extra value of access to the cash value and a growth of cash value on a tax deferred basis. Well funded whole life insurance can have enough value to make withdrawals on a tax favored basis while maintaining the life insurance.
Also, thirdly, having life insurance can give one a “permission slip” to do other financial strategies. Because if you have life insurance when older you can make sure to leave your family an inheritance while “spending down” other assets. The strategists at lifeinsure.com can help you design the right plan so that you can have this permission slip after retirement.