Life insurance is among the most useful — but also the most misunderstood — financial tools available. For many people, it is one of the most important investments in their portfolio. Most people are aware of life insurance as a tax-advantaged death benefit for their loved ones, but it is potentially so much more than that. Permanent life insurance, as part of your broader retirement income strategy, can also help you:

• Protect your hard-earned savings from creditors and lawsuits depending on the state in which your policy was issued.
• Build wealth faster through tax-deferred policy cash value growth.
• Create a source of supplemental retirement income you can access through tax-advantaged loans and withdrawals.
• Protect your family and beneficiaries from unnecessary tax burdens.

Insurance can also help you diversify your investment portfolio, add predictability and stability to your financial plan, and help further minimize risk in your retirement strategy overall.

Insurance is one of the most flexible financial tools, with policies that are unique and individualized to your situation. What’s more, insurance plans are customizable and how you choose to pay your premiums can also be tailored to your needs. The right policy can potentially provide you and your family with an asset that can help safeguard your dreams and goals both during your life and after your death.