 |
| Image source: mywatsoninsurance.com |
Life insurance is a most discouraging prospect in the eyes of one who might bear a very specific attitude. If a person subscribes to the belief that spending for something that can only be enjoyed when he or she passes away is a pointless effort, then he or she is probably right. However, it is so easy to take the reward in isolation, without looking at the benefits of a life insurance policy which can be enjoyed while living. Here are a few of them.
1) Committing to a life insurance policy allows you to borrow against your policy tax-free. On the condition that the policy’s value is already sufficient, you can borrow against your policy. Often, this is lower in interest compared to what the bank may offer. There are implications on the death benefit, though. Your designated agent can give the best advice on this.
2) Your policy can be a source of supplemental income upon retirement. Loans and withdrawals from this can mirror the same dynamics of getting regular keep if the policy is designed specifically for that objective.
 |
| Image source: kiplinger.com |
3) Even with term life insurance, you can access your policy’s death benefit for chronic or critical illness. Some life insurance policies offer riders that allow you to access a certain percentage of the policy’s face amount.
These are absolutely legitimate aspects that are common in life insurance policies, which prove that the rewards of your investment are not only to be given upon end of life. Truly, the best reward here may be that you get to live your life with the golden benefit of peace of mind.
Dee Yancey, chairman, president, and CEO of State Mutual Insurance, has ensured his family legacy continues to help older Americans maintain a sense of security with products designed specifically for their benefit. Learn more about mutual insurance and Medicare Supplement insurance by visiting this website.
