Do You Have a Retirement Gap?
When you started your career, you may not have thought about whether or not you were contributing enough to your retirement savings. As retirement grows closer, you may now be asking if your contributions are enough to meet your retirement goals. If so, you’re not alone. Nearly a quarter of all Americans say saving for retirement is one of their biggest worries when it comes to money.1
Or, maybe you’ve reached your annual maximum contribution for your 401(k) and are looking for additional opportunities to set aside money for retirement.
If either of these scenarios sounds like you, and you also have a need for death benefit protection, permanent life insurance may be a solution.
How Can Life Insurance Help with Retirement Income?
Permanent life insurance comes in many forms, with each product type having its own benefits. One option you may want to consider is Indexed Universal Life insurance (IUL). With IUL insurance, your premium payments (minus monthly deductions) may also earn interest and grow the cash value of the policy. That cash value can then be used to help supplement retirement needs.
What Makes IUL Different?
What differentiates IUL from other permanent life insurance is the way interest is credited to the policy. In addition to offering a declared interest rate, IUL also offers the ability to earn interest that is linked to the movement of a stock market index. Watch our below video to learn more about IUL insurance.
Is IUL Risky?
With IUL, you don’t participate directly in the stock market and the money you put into your policy is protected from market volatility. Regardless of what happens in the stock world, the interest rate credited to your policy will be capped at a maximum rate and, more importantly, it will never dip below zero percent. Bottom line – your policy is protected if the market goes down.
What if The Market Does Perform Poorly?
We’ve thought of that too. Indexed universal life insurance products also have a minimum account value. What does that mean for you? Well, every decade you have an IUL policy – or if it is surrendered, lapses, or reaches maturity –your policy value will be compared to the minimum account value. If your account value is less than the minimum account value, the account value will be increased to meet a guaranteed average annual return.
If you’re ready to explore how life insurance can provide needed death benefit protection and could help make your retirement dreams a reality, find a financial professional near you.
For more information or to contact Midland National, please visit https://www.midlandnational.com/contact-us.
12019 Insurance Barometer Study, Life Happens and LIMRA
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
Indexed Universal Life products are not an investment in the “market” or in the applicable index and are subject to all policy fees and charges normally associated with most universal life insurance.