Why an individual would buy cash value life insurance. Quick tip:
• Life Insurance is the rich man’s Roth IRA
Think about that for a moment. With a qualified Roth IR,A a married person earning more than $188,000 a year cannot contribute to a Roth IRA. A single person earning more than $127,000 would also be ineligible for a Roth IRA.
Life Insurance has qualities similar to a Roth IRA in that money grows tax deferred, and can be withdrawn income tax-free (if structured properly). The two main advantages with life insurance is you do not have a contribution limit, and there is no contribution phase-out based on income.....