Retirement
Whole Life Insurance
Whole Life insurance can be a valuable piece of your retirement strategy. Besides providing insurance protection for your loved ones, it also contains other valuable “living benefits.” To help ensure you have a strategy for the future, please discuss the following options with your Guardian financial representative to see what’s right for you.
1. IF YOU’RE STARTING EARLY...
Planning on an early retirement? Start planning now, so you’ll have cash resources in place to supplement your income between your retirement date and when full Social Security benefits will become available to you.
Solution: Purchasing a Whole Life insurance policy during your career will help you meet that financial gap. A seasoned whole life policy will:
- Provide protection for your family in the event of your early death
- Build cash values so you can take withdrawals or loans as needed before Social Security kicks in 2
- Provide a tax-advantaged growth asset not tied to market fluctuations
2. MID-RETIREMENT FLEXIBILITY...
If you’re planning to retire soon or have already retired, balancing income and expenses in a volatile market environment can be challenging, especially if your retirement savings are tied to underlying investment funds.
Solution: Life insurance in your overall financial portfolio can help add the stability you require to ensure additional supplemental income well into retirement. Using your life insurance policy cash value instead of taking distributions from a retirement account when economic conditions are unfavorable can be a smart, tax-efficient way to keep your principal intact for a longer period of time. Life insurance also provides:
- Guaranteed death benefit
- Guaranteed cash values
- Riders and options that help you customize the policy to meet changing goals
3. PERMISSION GRANTED...
Spending Your Own Money
You’ve worked hard and have earned the retirement you now enjoy. So why aren’t you enjoying it? You may be concerned about spending your assets because you want to be sure there is a legacy to pass on to your heirs.
Solution: Life insurance offers an ideal wealth replacement strategy so you have the freedom to choose how and when to spend your other assets. Life insurance provides these benefits to you and your heirs: •
- Death benefit proceeds provide a cash resource when needed by your beneficiaries
- It allows you to equalize bequests among your children
- It provides you with the freedom to spend your other retirement assets to live your life to the fullest.
- The Employee Benefit Research Institute, Individual Account Retirement Plans 2009 report, estimates that the average 65- to 75-year-old has approximately $56,212 saved for retirement. Assuming a life expectancy of 80 years and approximately 15 years between retirement and death, the average amount this “average person” can spend is $10.27 per day.
- Non-guaranteed cash values include dividends. Dividends are not guaranteed, but are declared annually by Guardian’s Board of Directors. Policy benefits are reduced by withdrawals, loans and loan interest.
