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Life Insurance Retirement Plan (LIRP) 101

Rezul News/10680716
LOS ANGELES - Rezul -- A Life Insurance Retirement Plan (LIRP) is a financial strategy using the cash savings from a permanent life insurance policy during the retirement years.

Unlike term life insurance, permanent life insurance policies have a cash savings account, which eventually pays the policy's premiums itself and creates tax-free cash that you can use for whatever you want. The death benefit of an insurance policy is separate and provides a payout to beneficiaries.

It's important to remember that when taking out cash, you must pay it back if the cash value ceases to cover premiums or if it subtracts from a death benefit that you want to leave to a loved one. Also, a life insurance retirement plan is not designed to replace a 401K or an IRA but can enhance your current savings plans for retirement. Here's more.

The Benefits of a Life Insurance Retirement Plan (LIRP):
How Does a Life Insurance Retirement Plan Differ From Regular Life Insurance?

For the full article visit https://smartfinancial.com/life-insurance-retirement-plan

Source: SmartFinancial
Filed Under: Consumer

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