With a decision as important as this, it’s best to consult with experts. Schedule a free consultation with an Amplify Advisor with this link to see if this is a suitable plan for your family.
Here’s a recap of some of the benefits of permanent life insurance.
Invest in your own retirement
Cover gaps in health insurance
You can use your “death benefit” to cover gaps in health insurance via the critical illness payout or long term care payout.
Permanent life insurance doesn’t have to be expensive. You can get permanent life insurance for relatively cheap prices if you talk to the right person (who can shop around for you). If you get permanent life insurance, it can be a tax-free wealth transfer tool for your beneficiaries, if you choose not to use it or don’t need it during your own lifetime.
Combine permanent and term life insurance for greater flexibility
You can combine permanent life insurance with term life insurance. Term insurance protects you in case of unexpected death, and the rest of the permanent coverage protects you from long term care needs later in life (and acts as a savings vehicle for retirement).
Lower your income tax bracket
You can lower your future income tax bracket by saving through permanent life insurance. Your death benefit, living benefit, and savings/retirement account all can be accessed tax-free. By taking out non-taxable income, you can lower your income tax bracket and save money on other investments you’ve made such as a 401K, mutual funds, or even real estate income.