Life Insurance

Life Insurance? Here at Goodwin Network it’s not what you think.

There can be a unique need for life insurance during retirement. As a part of the overall retirement planning process, it is important to look at a surviving spouse’s plan for cash flow in the event that they are predeceased by their spouse. In these situations, life insurance can be one option for offsetting income streams such as a pension or Social Security that may decrease or go away upon the death of the spouse.

Another use of life insurance in retirement is as a part of Wealth Transfer Legacy Planning. Many clients of Goodwin Network have IRAs that they do not want to take income from. Unfortunately, many of these clients must take a Required Minimum Distribution (RMD) each year from these IRAs. If the RMD is not needed for income, one option is to put that RMD to use in a tax-advantaged way. This is done by taking the RMD and purchasing life insurance for the benefit of the client’s heirs. By doing this, the value of that RMD is multiplied through the power of a tax-free death benefit to the client’s heirs.

Whether it is income replacement or Wealth Transfer Legacy Planning, at Goodwin Network we only use A or better rated insurance companies that provide complete no-lapse guarantees for maximum security in retirement!

As a result of serving retirees exclusively for 30 years, Goodwin Network specializes insuring the best options for life insurance in retirement planning. Call us today to learn more.