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Life Insurance

At DPG Senior Solutions, we will review your unique situation to help you personalize your approach to retirement.

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Tax Free* Retirement

Is it possible to have a tax free* retirement?

The answer is, “Yes, it is possible.” In fact, certain types of life insurance, such as IULs can provide income for you without taxes. An IUL is an indexed universal life insurance policy. Other types of life insurance may also allow for income payments yet do not require a tax. Sometimes, whole life insurance and variable life insurance policies can provide a similar payout.

How Does It Work?

You may be familiar with our life insurance, in general, works.

The Idea Is To Provide For Your Loved Ones When You Are No Longer Able To.

Typically, people select a life insurance policy in order to have peace of mind. However, there may be other reasons for choosing life insurance in retirement. First, certain life insurance products can provide a tax free* retirement income. Secondly, you may have flexibility in terms of how much you take out, and when you take it. Because life insurance is not an investment, it does not have the same tax code as other retirement options do.

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For example, an indexed universal life (IUL) policy could be used as a form of savings. Some people use an IUL as a safe place to keep additional money in case of an emergency. The money kept in your cash value may also be used for big purchases or perhaps for college costs for your kids or grandkids. By using the money in an IUL instead of the money in your retirement accounts for these items, you may have tax advantages. In addition, this practice allows your other retirement accounts to remain untouched. Of course, your implications may vary so be sure to reach out to learn more.

Making a Tax Free* Retirement Happen

Of course, not every retiree will end up using life insurance as income. This is because every situation is different and takes planning and thought. However, you may be able to earn an income without paying taxes if you use an IUL.

To clarify, here are some reasons people may consider this as a solution:

  • IUL's do not have a limit on how much you can put in them; 401(k)'s do
  • Potential tax deferment on earnings
  • A way to have additional emergency savings
  • IUL is not affected by stock market downturns
  • Death benefit available without probate
  • Money accessible when you need it
  • Protection from loss
  • And more...
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Those We Leave Behind

Of course we know that someday we won’t be here anymore. When we’re gone, many of us want to know that those we leave behind will be ok. Life insurance in retirement can offer a way to do this. One advantage of life insurance in retirement is that its laws and tax code varies from investments. In other words, your retirement account wealth may be subject to taxes. But, an IUL can distribute its death benefit value directly to your beneficiaries, without probate. Tax free* retirement income that may also leave a legacy.

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Options for Life Insurance

DPG Senior Solutions is driven and dedicated to our clients. Therefore, we do everything we can to provide you with what you need to make an informed decision. We’re not pushy or “salesy.” Instead, we educate people at our complimentary dinner seminars and via our online webinars. Also, we offer one-on-one meetings to go over your questions or review your current policies. When you’re ready to talk, we’re here for you.

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Our Company

Dustin Grimes OH Ins Lic# 804074 | DPG Senior Signature Solutions OH Ins Lic# 1130721

*Proceeds from an insurance policy are generally income-tax-free, and if properly structured, may also be free from estate tax. Income-tax-free distributions are achieved by withdrawing to the cost basis (premiums paid), then using policy loans. Loans and withdrawals may generate an income tax liability, reduce available cash value, and reduce the death benefit, or cause the policy to lapse. This assumes the policy qualifies as life insurance and is not a modified endowment contract. The Host and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. This content is not intended to serve as the basis for any investment or purchasing decisions, nor does it recommend or involve the purchase, holding, or sale of a security. All figures herein are hypothetical and for illustrative purposes only to explain general concepts. No figure is to be relied upon as being accurate nor a guarantee or projection and is meant only as a partial overview of some relevant features and benefits of general insurance products that may be in the marketplace, and whose availability will be dependent on the State of residence of the consumer, and their individual suitability for the product they are wanting to purchase. Where insurance products are mentioned, any and all guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

IMPORTANT CONSUMER INFORMATION This site is for informational purposes only and is not intended to be a solicitation for or offering of any product or investment. The offer for sale of an insurance product may only be conducted in a state where the agent is licensed and the product is approved for sale. The providing of investment advice relating to securities may only be done by a properly licensed individual operating through a licensed affiliate entity, unless otherwise exempt. Comments about past performance are not to be construed as a guarantee or assurance of future performance. This website may contain concepts that have legal, accounting and tax implications. We do not provide specific legal or tax advice, nor promote, market or recommend any tax plan or arrangement. Consult a tax/legal professional for guidance with your individual situation. No representations are made as to the accuracy or completeness of the information contained herein or any information contained in any link provided herein, nor does a consumer visiting the web site create an agent-client relationship.

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