GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
However, theres another option to put into your retirement tool kit: life insurance policies.
While life insurance is useful to have as a safety net for family, should you pass away.
It can also help you out while youre still alive to enjoy the benefits in retirement.
Experts explain the double benefits of buying life insurance policies.
The cash-value component is what sets it apart from other types of life insurance.
Even better, the growth of that cash value is guaranteed regardless of market conditions.
This allows your wealth to compound more efficiently over time.
This flexibility makes whole life insurance a valuable financial resource throughout your life, DesRocher said.
Term insurance is themost financially efficient optionfor providing pure coverage for an early or unexpected death, he said.
The policy will support payments for care that subtract from the death benefit.
Any money left will be passed on to heirs.
Especially if you have illiquid assets.
Any accumulation you get is only after life insurance costs are paid.
This makes life insurance a poor accumulation tool.
Be sure to stick with tried-and-true methods of retirement savings as well.
More From GOBankingRates
Share This Article:
