1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFC
    Co-Founder, Coastal Financial Partners Group, California
    Life Insurance Retirement Plan or LIRP is a concept name many insurers use to describe life insurance as a supplemental retirement strategy.

    Life insurance, when properly structured, can provide you with income tax-free retirement distributions. You can access money from your policy in the form of loans and withdrawals. Withdrawals have the capability of being treated as a return of premium first, with policy gains being withdrawn in the form of tax-free loans. In addition, the death benefit is paid income-tax free to your designated beneficiary.
    Answered on May 15, 2013
  2. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    A LIRP is a marketing acronym for life insurance retirement plan. A LIRP is a non-qualified retirement option that can add real value to your retirement planning strategy. But the insured must be healthy and young enough to contain the cost of life insurance designed at issue and maintained throughout the life of the insured. The strategic withdrawals to basis and policy loans of gain have the potential to generate tax free income as long as the policy is kept in force for the life of the insured. 

    Answered on May 15, 2013
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