Life Insurance Awareness continued…
When most people think of Life Insurance, maybe even a policy you already have, they think of the benefits they leave behind. However, a life insurance policy is versatile and can be as unique as you are. When purchasing a policy, think about what kind of planning is important to you. Everyone has anxieties about the future that can be handled constructively. Did you know that most financial anxieties can be addressed in Life Insurance?
“What if I become disabled?” You can lean on an early death benefit.
“How am I going to send my child to college?” Take a loan from whole life.
It might be shocking to hear that these solutions are possible. There are so many options on how to use these policies its crucial that you are aware of your choices. Consider these ideas to help you ask better questions while planning for your future.
In Your Lifetime:
- You could use a rider in your Life Insurance to help you pay for Long Term Care instead of paying for two policies, the Life and a LTC policy.
- “Living Benefits” can be used to pay emergency medical bills should you become disabled or terminally ill.
- Use loans as an investment in a falling economy.
- Set up a system to use your policy as a personal pension. Advisers can teach you how to access tax-free withdraws and loans.
- Use your loans in place of student loans to send your kids to college.
- Apply for premium waiver if you face any condition that could cause you to lose your coverage.
- Cash in a “return of premium” rider if you outlive your life insurance policy. They cost extra, but it creates in instant return later in life.
- Use Term Insurance to fund your business.
After your Lifetime:
- Turn part of your benefits into a donation to charity.
- If you’re unable to buy a child their own policy, you can use a child protection rider.
- Permanent Policies can be turned into a Irrevocable Life Insurance Trust (ILIT) that adds value to your estate but isn’t actually considered a part of your estate therefore is tax free.
- Purchase policies to insure the vital players in your business.
This is just the tip of the iceberg. Whatever weighs on you about your finical future should be addressed while you talk to someone about your life insurance. If you have help who knows their way around these products nothing is off the table. So get creative with your life insurance today!