Life Insurance for Retirement
Can life insurance supplement Social Security?
Life insurance can supplement Social Security by providing a death benefit for a surviving spouse and by providing additional retirement income through cash value accumulation. Life insurance can also help bridge the gap between retirement and age 70 when Social Security benefits are maximized.
Key Points
- Life insurance supplements Social Security by providing a death benefit for surviving spouse
- Cash value accumulation: provides additional retirement income
- Bridge strategy: life insurance income while delaying Social Security to age 70
- Delayed Social Security: increases benefit by 8% per year from 62 to 70
- An independent agent can help you evaluate life insurance as a Social Security supplement