Ofner Insurance

Secure Your Retirement with a Customized Plan

Retirement is a time when you should enjoy the fruits of your labor and live the life you’ve always dreamed of. However, not everyone is able to retire with financial stability. This is where Insured Retirement Plans come into play.

What are Insured Retirement Plans?

Insured Retirement Plans are financial plans designed to help you accumulate and protect your retirement savings. These plans combine the benefits of a life insurance policy with an investment component that allows your money to grow tax-free.

Why do you need it?

Retirement planning is crucial to ensure that you have enough funds to maintain your lifestyle when you stop working. Insured Retirement Plans provide a secure and reliable way to save for retirement. By contributing to these plans, you can create a nest egg that will provide you with financial stability and peace of mind.

How can it help you?

Insured Retirement Plans offer several benefits, including:

  1. Tax-free growth: The investment component of the plan allows your money to grow tax-free, which means that you don’t have to pay any taxes on the interest, dividends, or capital gains earned on your investments.
  2. Guaranteed income: You can choose to receive a guaranteed income stream during your retirement years. This means that you will have a reliable source of income that you can use to cover your living expenses.
  3. Protection: The life insurance component of the plan provides protection to your loved ones in case of your untimely death. Your beneficiaries will receive a tax-free death benefit that they can use to cover their expenses.

What are the types of Insured Retirement Plans?

There are different types of Insured Retirement Plans available to suit different needs and goals. These include:

  1. Segregated Funds: These are investment funds offered by insurance companies that provide capital guarantees and death benefits.
  2. Variable Annuities: These are contracts between you and an insurance company that provide investment options and guarantee income payments during retirement.
  3. Universal Life Insurance: This is a type of life insurance that also provides an investment component. The policyholder can choose how much of the premium goes towards insurance and how much goes towards investments.
  4. Term-to-100 Life Insurance: This is a type of permanent life insurance that provides coverage for the policyholder’s entire lifetime. It also has a savings component that grows tax-free.

Frequently Asked Question

Q: How much should I contribute to my Insured Retirement Plan?

The amount you should contribute to your plan depends on your retirement goals, income, and expenses. It is recommended to consult with a financial advisor to determine the appropriate contribution amount.

Q: Can I withdraw money from my Insured Retirement Plan?

Yes, you can withdraw money from your plan, but there may be penalties or taxes associated with early withdrawals. It is recommended to consult with a financial advisor before making any withdrawals.

Q: Can I change my investment options within my Insured Retirement Plan?

Yes, most plans offer flexibility in terms of investment options. You can choose to switch your investment options based on your changing financial goals.

Q: How do I choose the right type of Insured Retirement Plan for me?

A: It is recommended to consult with a financial advisor to determine the best type of plan based on your financial goals, risk tolerance, and personal circumstances.

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