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.
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Syndicated financial columnist Steve Savant hosts the weekly video talk show for consumers entitled, Right on the Money and anchors the weekend news update On the Money News.
Steve is also the host of the daily producer show, Thought Leaders. Steve is of the top online author and videographer of... More