Life Insurance in the Retirement Plan

Life Insurance in the Retirement Plan. retirees and advisors at work with retirees as well and and when we think of retirement a lot of people think there's no real reason to buy life insurance and retirement or other uses of life insurance in retirement absolutely and let me just give you a few quick hits on on the situation.

I've seen where people use life insurance first of all it's the most efficient way to leave money to your kids think of all the seniors who you know you say well what do you what do you want to have happen with your money well I need to get some income while I'm alive then when I dial go to kids were how much is going to kids they don't have any idea and so a lot of seniors can deliver just in case retirement they don't touch the money they don't know what to do and so they don't spend money they don't spend money I said wait a minute you told me you were going to buy a new boat you're going to join the country club you're going to go on a cruise you're going to see the world but they don't even touch their money and so they don't touch the money they don't touch the money they don't then they die what happens goes to kids with the kids to it that they they join the country club they go on the cruise they see the world so what.

I tell people why don't you decide up front how much you want to give your kids say I wanna give me X number of dollars and then for pennies on the dollar by some life insurance to go to them that gives you license now to enjoy the rest of your retirement all this other money you can spend it if you want to be some left over and you're still give now so the cars or whatever but now you've taken care of the legacy need upfront so that's one way second way let's talk about that I think that's that's that's important i mean a lot of people that legacy goes really important I think not sure the baby boomers are gonna deny themselves as much as the current generation of retirees but especially the older group in their eighties and nineties they're very frugal and.

I seen a lot of people deny themselves ya know even basic pleasures and think about this word low-interest-rate environment the stock market has not been dependable for a decade so where you gonna get this extra return that you need you get it through math and science the leverage the mortality credit said you can get in life insurance and the mortality criticized you can get in guaranteed lifetime income and so you for pennies on the dollar buy life insurance that can go to the kids and then you put it into a lifetime income due to the page you this extra this retirement alpha this mortality credit so you get paid for the rest of your life and so now you're maximizing it on both sides even though we're in a low interest rate environment even though the market is not participating by using products that are based in math and science you're looking better and sleeping better absolutely and accomplishing your goals and your head getting the benefit of other people helping pay for it because all of the premium payments are going into the pool yeah the if you think about it the risk pool words like this the people who live pay the death claims on the people who died and the people who died help pay the higher paychecks of the people who live with lifetime income it is it's all based on math and science so that's one way the second way is grandchildrena