If you got your life insurance in the past decade, chances are your policy has living benefits that can provide you with cash when needed while alive, not just for your beneficiaries after your demise.

Living Benefits of Life Insurance

Some of the cash benefits that YOUR life insurance policy can provide to you today if you set it up right:

• Cash for medical expenses, food, rent: check if your policy has critical illness rider, a terminal illness rider if applicable, or any cash value.
• Loans for any reason, no credit needed – backed by your own policy.
• Funds to supplement your retirement, tax-free.
• Pay off your mortgage, other loans or debt. Certain life insurance plans can provide financial safety net for you, today – if your policy was set up to grow cash value.

Cash Value in your life insurance policy

If your life insurance policy accumulates cash value over time, you may borrow funds using your life insurance as collateral. Usually whole life or universal life policies have a cash feature, while term life policies do not. These cash value funds can be used for anything needed: provides a source of cash tax-free, although you need to make sure you keep your policy active to avoid any tax penalties. Be careful though, if you let your policy lapse and have any outstanding loans against the cash value in your life insurance, then the loan becomes taxable income.

What can you use the cash value in your life insurance for: large purchases, unexpected expenses, supplement retirement income, etc.

Critical Illness Rider, Terminal Illness and Nursing Home benefit riders

By asking to add a critical illness rider, nursing home or long-term care benefits to your life insurance policy, you can get financial support you when you need it most. Benefits are payable to you if you are diagnosed with a major critical illness like cancer, stroke, heart attack and in case of terminal illness you may have access to a large portion of your death benefit, today while still alive.

Disability Income benefits – Sick-pay or PTO paid for by your life insurance policy

If your life insurance policy has a disability income rider, it can pay you a monthly benefit to cover any of your expenses in case of inability to work due to an illness or injury for as long as you have a loss of income or until your benefit period ends (usually 2 years, can be until retirement).

Refund of Premiums – All your Money Back if you outlive your term life

Ask for ROP = Return of Premium when you purchase your term life insurance policy, to receive a portion or  all the premiums you paid send back to you at the end of your term life policy.

 

Ask me about LIVING BENEFITS on your life insurance, today.

1-877-LIFE-GUY

Daniel@LifeGuy.com