Private retirement plan (also referred to as "PRP"): A cash-rich life insurance policy that is used to accumulate funds prior to retirement from which loans and/or withdrawals are taken during retirement years. The following three features of the life insurance used in such plans are what make the results so unique:
• Cash values accrue without income tax;
• Cash values can be accessed without income tax using withdrawals to basis and/or loans;
• Death benefits are paid to beneficiaries without income tax. (This applies to the full death benefit, including any cash value component whether loans exist or not.)
In this video blog, I team up with Insmark senior advisor Don Prehn to demonstrate this powerful tax advantaged idea for retirement.
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Steve Savant is the host of the daily producer show, Let’s Get Down to Business, and the weekly consumer show, Steve Savant’s Money, the Name of the Game. Both shows are sponsored by Ash Brokerage. Steve is the #1 online author and videographer of insurance content. Steve has been cited on FO... More