How long do you plan to live? The Centers for Disease Control put the average American life expectancy at nearly 78 years. That means Americans are spending more time in their “golden years” than ever before. Is your retirement planning enough to keep you living the life you want?
Surprisingly, one strategy that savvy savers use to plan for retirement is life insurance policies. That’s right—life insurance policies can do a lot more than just pay a death benefit. Both whole life insurance and universal life insurance can be used to supplement your retirement income.
Whole and universal life insurance policies work by gathering interest you can withdraw to use for a variety of purposes, from supplementing your retirement to paying medical bills or funding your children’s education. You’ll still receive traditional death benefits.
