Should I buy permanent life insurance?
A couple questions you may be asking are:
- Is permanent life insurance a good investment?
- Are there any permanent life insurance tax benefits?
Some shoppers are looking for permanent life insurance as part of a retirement savings strategy or investment vehicle. For most life insurance shoppers, there are more appropriate and better options to explore first when it comes to retirement income.
However, if you’re in a high income bracket and have maxed out your IRA options and 401(k) plans- a permanent life insurance policy may make sense. There are a few other reasons to have a permanent life insurance policy.
For example, to avoid estate tax issue, liquidity by using a business life insurance policy, or for a dependent / disabled child.