Insurance isn’t just for health and property, there are policies that can provide lifetime income in retirement, cover long term care, and much more. Today’s life insurance policies go beyond paying for funeral expenses and paying off debts when someone passes. Term life insurance, for example, can offer income replacement in the event of disability or illness for a set amount of years. Whole life insurance, in comparison, builds a cash value and pays out at a maximum age.
Fixed Indexed Annuities are a type of insurance product that offer “paychecks” in retirement. Even better, FIAs guarantee your money won’t be lost or go down, they offer gains that are locked in each year, and are backed by the financial strength of the insurance carrier making the contractual guarantee. When you’re ready to take money out, your FIA balance can be turned into fixed monthly payments for a set number of years or for your lifetime.
As an independent firm, Alloy Wealth Management has access to nearly every carrier and every kind of insurance. We do the research and compare policy features and prices to help clients take the guesswork out of managing risks and reaching financial goals. To find out more about insurance that can provide income in retirement, call 800-689-3935 to speak with one of our team members.