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Can I use my life insurance policy to help finance my retirement?

I am 57 years old and will be retiring next year. I have a term life insurance policy and would like to know if I can use funds from this policy.

asked by Stevek863 (28)

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Tags:  insurance  investing  retirement

answers

A standard term life policy does not build any cash value. You are generally paying for the actual cost of the insurance for a specific term. Check with your agent.

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posted by Karen54 (805)
7 votes

A term life insurance policy will not pay unless you die. A whole life policy could be used for retirement, but a term life policy cannot.

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posted by John (7910)
7 votes

Usually term insurance policies, as opposed to whole life policies, don't have any cash value, so the answer to your question would be "no".

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posted by Mike39 (304)
5 votes

The only way you can use a term life insurance policy to finance your retirement is for you to die. Term life policies do not build cash value and only provide monies to your beneficiaries upon death, if the death occurs during the 'term.' Since you are 57, it is likely cost-prohibitive for you to purchase a cash life policy.

4 votes

Yes I think it will be useful for retirement life. This money will keep your retired life peaceful and happy. Policy you selected will be useful for your future life.

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posted by Olivia (20)
4 votes

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