Life Insurance Consultant
As we approach the end of 2025, recent studies highlight that Americans are living longer than ever. Average US life expectancy now sits at a projected 79.4 years.
Although retirees need to plan to live longer, many remain woefully unprepared for the financial implications of those extra years. This presents a prime opportunity for advisors to position life insurance not just as protection, but as a cornerstone for retirement security. Using permanent life insurance as a multi-faceted financial tool can help alleviate the financial stressors of living longer.
Many permanent life insurance policies will grow cash value, which grows tax deferred. Clients can take tax-free loans from this cash value, allowing them to supplement cash flow in retirement. Having access to tax-free cash is a valuable, but often overlooked, piece of retirement planning.
Most permanent life insurance policies also offer LTC or chronic illness riders that will make a cash payment if an individual needs assistance with 2 of 6 activities of daily living. The longer clients live, the more likely it becomes that LTC is a concern. Cash benefits towards LTC clients prevent from burning through other assets, preserving those accounts.
Using guaranteed permanent insurance also ensures that the clients will not outlive their coverage. It’s recommended that no-lapse guarantee policies run until at least age 95. We recommend reviewing any existing UL policies owned by your clients and confirming the no-lapse guarantee will run to a point where they’re covered no matter how long they live.
Reach out to the life experts at Wholehan Marketing with your next permanent insurance case to make sure your clients are covered no matter how long they live!