Benefits

The Benefits of a Life Insurance Retirement Plan, under Internal Revenue Code Section 7702

LIRP Benefits Summary

Unlimited contributions (premiums)
Meaningful income tax-free death benefits
Tax-deferred growth of cash surrender values
Income tax-free retirement income*
Income tax-free loans at ANY age (no 10% penalty tax for retiring early)
Policy death benefits and cash surrender values are assignable, and can be used to secure a loan without any penalty tax or income tax liability.
No required minimum distributions (RMDs) like an IRA or qualified plan, like a 401(a), 401(k), or 403(b) plan.
Tax-free income does NOT increase income tax liability on Social Security retirement benefits.
Simple plan administration
No forms to file with the IRS
Potential asset protection from creditors and predators (varies by state, please consult with your local legal counsel)
Privacy - policy cash values are generally exempt from disclosure when applying for college financial aid

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*Surrenders to basis are income tax-free, loans are income tax-free as long as the policy matures and pays a death benefit.


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