Whole Life Insurance Strategy that Offers Retirement Edge
By Dennis P. Mullen, ChFC®, CLTCManaging Director, Fifth Avenue Financial
As an advisor helping high net worth clients attain their financial goals, you want to present ideas to help them avoid potential pitfalls and future financial challenges. Whole life insurance as a supplemental retirement income strategy is just such a strategy, and here’s why.
Traditionally, Americans rely on equity-based investments to save for retirement. These investments offer the potential to enjoy long-term growth and multiple years of market upside while the client continues to work and save. The market downside potential inherent in these investments, however, poses a risk. Withdrawing from retirement accounts during market downturns can significantly reduce their value over the long term. This may ultimately impact the amount of income available during retirement, as well as the amount remaining to leave for loved ones.
This is where whole life insurance comes into play. By incorporating whole life insurance, retirement savers get far more than a valued death benefit. They also could enjoy:
If your clients seek a way to create supplemental retirement income while also providing valuable death benefit protection, encourage them to consider the benefits whole life insurance has to offer.
Dennis P. Mullen, ChFC®, CLTC is a Managing Director at Fifth Avenue Financial who has nearly 30 years’ experience assisting financial service professionals help clients establish the financial security they want for themselves, their families and their businesses. [email protected] | 212-536-6030