What if you could even access earnings or growth without income tax consequences? Sound good?
It should. Too good to be true? Nope.
It’s probably the last asset people ever think of (you included?), yet one used to great effect by many of America’s wealthiest families. And, it has a hidden benefit most people never think about.
Give up? Life insurance. WHAT?
It’s been my experience that no one wants to buy life insurance; but the ones who have it love what it does – and they later find they’re glad they have it. And, I’m not talking about the death benefit, which everyone knows about.
Permanent insurance has something temporary insurance doesn’t have: cash value build-up. Retirees who were forward thinking enough to have an advisor create a long-term strategy for them are now finding out how handy it is.
Why? Because when markets go through their down cycles, as they do from time to time – like now, retirees with permanent insurance policies are generally able to access their cash value for tax-free income (yes, tax-free) during the downturn, leaving their retirement assets invested to ride out the downturn and in-place for the recovery. No one likes to draw down money when markets are down.
Pretty good, huh?