Retirement Protection
Affordable insurance that provides financial security for your home and family should tragedy strike
Retirement Protection
Planning for retirement, whether that’s five years away or 25 years down the road, is something each of us needs to consider. Making smart choices about how much money you save, and what retirement planning savings vehicles you use, can mean the difference between having the income you need in retirement to live the lifestyle you want, or struggling financially. There is no one-size-fits-all solution when it comes to saving for retirement, but if you prefer a product that offers safety and guarantees, you may want to consider the retirement protection benefits offered by annuity products and indexed universal life (IUL) insurance policies.
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Frequently Asked Questions
What Are Annuities?
- Most people don’t think they’re at risk of becoming disabled, but according to the U.S. Social Security Administration, one in five Americans (56 million) are currently living with a physical or mental disability.
- Additionally, it’s estimated that one in four of today’s 20-year-olds will become disabled before reaching their retirement age.
What is Indexed Life Insurance?
- An Indexed Universal Life (IUL) policy is permanent life insurance coverage with both an insurance component and a cash value savings component.
- The cash value can be indexed to a financial market index, offering policyholders the upside potential that comes with investing in the markets while still retaining the protection of life insurance coverage.
How Can You Use Annuities and IUL for Retirement Protection?
- There are many reasons for choosing retirement protection annuities and IUL products. The most common reason many people use annuities is for channeling their savings into a regular income stream during retirement.
- Funds from Social Security and pensions may not be enough to allow you to live the lifestyle you want when you retire. Choosing a retirement protection annuity can give you an additional paycheck every month to supplement those other income sources – giving you the funds necessary to travel, pay your expenses each month, buy gifts for loved ones and more.
- Similarly, IUL policies offer you the option of accumulating cash inside your life insurance policy – cash that you can use for any purpose.
How Does Retirement Protection Work
- An Indexed Universal Life (IUL) policy is permanent life insurance coverage with both an insurance component and a cash value savings component.
- The cash value can be indexed to a financial market index, offering policyholders the upside potential that comes with investing in the markets while still retaining the protection of life insurance coverage
What are the advantages of Retirement Protection?
- Many of the annuity and life insurance products available through The Catran Agency come with guarantees that can be invaluable to those concerned about not having enough retirement income from other sources.
- The best part is that choosing a product with guarantees does not mean you have to give up the potential for growth in your annuity or cash value life insurance policy.
Can I afford Retirement Protection?
- There are fees and expenses associated with any type of retirement planning vehicle, and retirement protection annuities and insurance products are no different.
- When you work with The Catran Agency to explore retirement protection options, we’ll explain the fee structure of various products and answer any questions you have to help you make an informed decision.
Do I qualify for Retirement Protection?
- Most annuities used for retirement protection are “guaranteed issue” products that require no underwriting, so nearly everyone qualifies.
- Because of the life insurance component of IUL policies, you need to meet the insurance company’s underwriting criteria in order to qualify for the product.
- Additionally, many IUL policies don’t require a medical exam, which can save you some time overall.
When should I buy Retirement Protection?
- When you are saving for your retirement, the best time to buy retirement protection through annuities or life insurance is now.
- Most people purchase an annuity before they reach retirement age.
- Annuity products often come with surrender charges for a period of time after making the initial purchase, so it’s important to understand how each policy you are considering treats withdrawals, especially in the early years of the contract.