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What is LIRP? (Life Insurance Retirement Plan)

Updated: Mar 31, 2022

Often, we are asked if there is a reason to maintain life insurance into your retirement years. As usual, the answer is...it depends. There are really excellent reasons to do so if it makes sense for your family.


THE FIRST POSSIBLE REASON COULD BE LIRP.

You can use a cash value universal insurance policy to supplement your retirement income. Like any investment, there are risks and those risks should be explored. However, this can be a very viable option for earners that have maximized their 401k, IRA or Roth.


THE SECOND POSSIBLE REASON COULD BE CHRONIC ILLNESS.

When we talk about chronic illness, think long term care. Many of us know someone or have had some experience with a loved one that has required home care, assisted living care, or even nursing home care. A chronic illness rider attached to a universal life insurance can allow you to make your own care decisions.


THE THIRD POSSIBLE REASON COULD BE FAMILY LEGACY.

If you want to be certain your children, grandchildren, and even great-grandchildren know who you are and that you loved them even before they were born, the proceeds from a life policy can do just that. By utilizing a trust (drafted by an attorney), the life insurance proceeds will follow your direct wishes. It can be a powerful tool for generations to come.


THE FOURTH POSSIBLE REASON COULD BE CHARITABLE GIVING.

If you have been involved and have contributed to your favorite nonprofit, leaving a percentage or all of your life insurance to that charity will allow your legacy of giving to continue even in your death.


SO WHY MIGHT YOU NEED LIFE INSURANCE IN RETIREMENT?

LET'S CHAT ABOUT IT!



Pamela D. Warrior

Regional Director, Life & Financial Services





Hi! I am Pamela Warrior, your Life Insurance and Financial Services Director at the Purcell Insurance Agency. I have spent over 15 years honing my skills to assist families with life insurance, retirement strategies, and general investments. I love working with all stages of life, from young families eager to start planning for their future to CEOs strategizing their career exit and retirement distribution. This work is incredibly important to me and I take your family's future to heart. To learn more, I invite you to click contact us or call my office number at 303.973.8341. I look forward to it.


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