Life insurance provides death benefit protection in the event of a premature death, for any number of needs, including to pay off a mortgage, replace a salary, pay estate and transfer taxes, or fund a college education.
But did you also know that life insurance can have living benefits? The policy’s cash value can grow tax-deferred, and any accumulated cash value can be accessed tax-free via loans and withdrawals, as long as they are properly structured.
Moreover, these features can also make the policy cash value a good choice to supplement primary sources of retirement income!
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