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Apr 25, 20234 min

How to Use Variable Universal Life Insurance for Retirement Planning

Variable universal life insurance (VUL) can be a useful tool for retirement planning, offering both a death benefit to pass on to your loved ones and an investment component that can grow over time and has the potential to be used while you’re alive.

Here are some tips on how to use VUL for retirement planning:

Determine your retirement needs

Before purchasing a VUL policy for retirement planning, it's important to determine how much income you'll need in retirement and how long you expect to live. This will help you determine the appropriate death benefit and premium payments for your policy.

Consider the investment options

VUL policies offer a range of investment options, including stocks, bonds, and mutual funds. It's important to carefully consider the investment options available and choose those that align with your risk tolerance and retirement goals.

Monitor your investments

Just like any investment portfolio, it's important to monitor the performance of your VUL policy's investments over time. This can help you make adjustments as needed to ensure that your investments are performing well and aligned with your retirement goals.

Consider tax advantages

VUL policies offer tax-deferred growth on the investment component, meaning that policyholders won't have to pay taxes on investment gains until they withdraw the funds. This can be a valuable tax planning tool for retirement.

Understand the fees

VUL policies can have higher fees than traditional life insurance policies, so it's important to carefully review the fees associated with your policy and ensure that they align with the potential benefits of the policy.

Consider your other retirement savings

VUL policies can be a valuable addition to a comprehensive retirement savings plan, but they should not be the sole source of retirement income. It's important to consider other sources of retirement income, such as pensions, Social Security, and individual retirement accounts (IRAs), when developing your retirement plan.

VUL can be a useful tool for retirement planning, but it's important to carefully consider the investment options, monitor performance, understand the fees, and incorporate VUL into a comprehensive retirement savings plan. Consulting with an Amplify Agent can be helpful in determining whether VUL is the right retirement planning tool for your needs. Tap below to chat with one today!

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