In this episode of our podcast, we discuss the flexibility offered with LIRPs. There’s more than one way to get the most benefits out of having one, so if you have a LIRP, it also means you need the leading retirement planning company in the Lehigh County, Bucks County, Montgomery County, Northampton County, Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, and Camden County areas: Secure Retirement Strategies. We can help you navigate the potentially confusing options that LIRPs present you with, so that yours can reach its full potential.
Take Care of Your Loved Ones With a Death Benefit
This is where the “life insurance” in a Life Insurance Retirement Plan comes into play. A LIRP can help protect the people you care about most if you make them your beneficiaries, as you earn tax-free income that can be left to heirs. The future may be uncertain, but with a LIRP, you can help protect the financial futures of your children, grandchildren, or whomever else you choose as your beneficiaries.
Take Care of Yourself With Long-Term Care
Rising healthcare costs are an almost inevitable burden that Americans carry as they age. The need for more medications and doctor visits can eat up a significant portion of your income and savings, even if you’re fully insured. A LIRP can help you address these expenses if you use it toward a long-term care benefit. As we discuss in the video, you can use 95% of the LIRP’s death benefit to pay for long-term care at 2% per month. And, unlike a long-term care policy, LIRPs cover chronic illnesses, terminal illnesses, and critical illnesses, so you can use the LIRP as an indemnity contract and accelerate a LIRP death benefit under these circumstances.
LIRPs can act as a money-saving alternative to traditional long-term care insurance because you only pay for the accelerated benefits if you need them. Instead of paying for premiums you might not even use, you can save the tax-free death benefit to be paid to your heir(s) when you pass away.
You Don’t Have to Plan By Yourself
If you’re anywhere in the Hunterdon County, Mercer County, Middlesex County, Somerset County, Burlington County, or Camden County areas of NJ, or the Bucks County, Montgomery County, Northampton County, or Lehigh County areas of PA, retirement investment planning assistance is available at Secure Retirement Strategies. The best way to use your LIRP will depend on a variety of factors, and we can help you weigh them all and determine the best course of action for you. Contact us today for a consultation!