Retirement planning is important to ensure we enjoy financial security throughout our golden years. Unfortunately, sometimes our plans go awry, and we find ourselves needing more finances than we might have planned for. While your Coppell, TX life insurance policy might have been designed as protection for your loved ones, it can also serve as your own protection in retirement.
How You Can Leverage Your Life Insurance Policy for Your Retirement
Here at David King Insurance Services LLC, we are proud to work with clients throughout Texas to help them get the best life insurance policies for their needs. These policies typically payout after the policyholder’s death, with that money going to cover final expenses and offer financial support to loved ones. However, you can leverage your own life insurance policy during retirement if you find yourself needing a safety net.
If you have a permanent life insurance policy, you can either opt to take what is called the surrender value or make a cash withdrawal for a set amount. The surrender option means fully ending your life insurance policy and choosing instead an accumulated payout for the term you have paid. This does mean that the life insurance coverage ends, but in return, you can get a sizeable sum that may see you throughout your retirement.
The second option, if available in your permanent life policy, is to make a lower amount of cash withdrawal. This withdrawal has the benefit of coming to you tax-free, but it does mean that your death benefit will be reduced. This is a good choice if you find yourself just needing extra money in the short term.
Learn More With David King Insurance Services LLC
Whatever your Coppell, TX life insurance goals, our team at David King Insurance Services LLC is here to assist. Contact one of our friendly team members today to get started.