How to Save for Retirement with Life Insurance

Kerndt Brothers Insurance Agency may specialize in insurance in the Lansing, IA area, but we want to see your finances grow, too. That’s why we search for insurance products that will serve you in multiple ways, like cash-value life insurance policies.

Build Savings with Cash Value Policies

When you buy a life insurance policy with a cash value savings account attached, you can save for your Lansing, IA, retirement while you ensure that your loved ones will receive a death benefit.

Each month, you pay premiums for your whole life policy, but a portion of the premium goes into a savings account pre-tax. That means that you do not pay federal or state income taxes on it until you access it years down the line.

Dual Benefit Life Insurance

While it does require a few years for the account to vest, so you can borrow against it or make withdrawals, you build savings while paying for a necessary financial tool. Your net worth grows – tax-free.

When you do withdraw money or use the savings for a loan, you will need to repay the amount with interest. If you die without doing so, the money withdrawn comes out of the death benefit.

Accessing All of Your Money

Some cash value accounts let you cash out the policy. That means you can close the policy and withdraw all of the savings you built. This also means you would need new life insurance, and you would pay taxes on the savings account balance at tax time.

Contact Us Today

Email or call Kerndt Brothers Insurance Agency serving the Lansing, IA area. Let us help you set up a life insurance policy that provides for your family now and later.

How to tell if it’s time to review your life insurance

Your life insurance needs are not the same for an entire lifetime. You may need very little when you are very young and very old, but quite a lot in between. It means you should review your life insurance every few years or when events happen in your life that change your needs. Kerndt Brothers Insurance Agency in Lansing, IA is your local independent insurance agency and we provide personalized service to our customers. 

How to tell if it’s time to review your life insurance

Have you purchased a home?

If you have, it might be time to review your life insurance coverage. You need enough to pay your mortgage, any debt you may have, and your final expenses. You don’t want to leave your family trying to figure these things out after you pass away. 

You are looking for a new job

Do you get your life insurance as part of a benefits package from your employer? Is it the only life insurance that you have? Does your new job have life insurance coverage? How long do you need to be employed before it goes into effect? Leaving your family without coverage is not a good idea. You should have at least one life insurance policy that you purchase yourself that is not dependent on your employer. 

You’re adding members to your family

Whether it is a new spouse or a new child, the amount of life insurance that you need is affected by the change. It is time to review your coverage to see if it is adequate in the event you should pass away while you have people who are depending on you for support. 

Give Us A Call

Contact Kerndt Brothers Insurance Agency in Lansing, IA when the time is right to review your life insurance and let us help you to make sure the amount of coverage you have is correct.