In San Diego insurance comes in many forms. One of the most popular types of coverage is life insurance but, contrary to popular opinion, life insurance is not only beneficial after death. In fact, many who own a life insurance policy are finding it useful during their retirement.
Life insurance is a great way to make sure you don’t outlive your assets. If your San Diego insurance agent helps you properly structure your policy, it can provide additional retirement income in the form of withdrawals and policy loans. Certain policies can give you options for long term care benefits, and any policy can be converted into a lifelong stream of income if you annuitize it.
Living on a pension after retirement can be difficult and require strict budgeting. With pension, you often have the choice between taking a higher single life distribution, or a lower amount that covers a surviving spouse as well. Life insurance can supplement a surviving spouse’s income, enabling couples to enjoy the higher, single-life pension together.
When you speak to an agent about commercial insurance in San Diego and choose life insurance coverage you are also helping to protect your legacy. Life insurance is a flexible and useful way to plan your estate and help pass your assets on to those close to you. The best part, proceeds from life insurance are typically tax-free, meaning your inheritors can get the cash in one lump sum without having to surrender any over to Uncle Sam. If avoiding a tax on your estate is important to you, consider a life insurance trust which is often not subject to estate or income taxes.
The best way to get started on planning life insurance coverage is by visiting a knowledgeable insurance agent. If you already have a life insurance policy and it has been a while since you looked it over, it’s a good idea to schedule a policy review to make sure you are getting the most out of your policy.
If you would like more information on life insurance, reach out to Jose Aroeste, an experienced insurance agent offering everything from life insurance and auto insurance to home and business insurance in San Diego. Call his office today to schedule an appointment or get answers to any and all questions you may have. (858) 748-9383