Asides from the familiar death benefit,permanent life insurance has numerous benefits that can both build and secureyour financial future. We bring you some of the opportunities life insurancecan offer:
2. Accessible Cash
After it accumulates, your life insurance cashequivalent may be accessed through policy loan or withdrawal for family andbusiness opportunities, education funding, retirement income, emergencies, andother family contingencies. Permanent life insurance cash values areguaranteed, what this implies is that you will always have access to the assetsyou accumulate.
3. Financial Security for You and Your Family
As soon as you havegenerated enough values through your insurance commitments, you have a variety of options for accessing those funds. You can cashin the policy, convert it to an annuity for guaranteed lifetime income, keep aportion of the death benefit and access some of the cash value, or continue thepolicy to protect your family and leave a lasting legacy
4. Insurability Protection
If you stay consistent in the payment ofpremiums, permanent life insurance affords you coverage throughout your life,even when health and or personal predicaments get altered.
5. Protection of Assets
Life insurance can offer a financial cushion atvery crucial times and reduce the effect of estate taxes upon your death. Thedeath benefit also can provide surviving family members with the funds theyneed to live a convenient life and pursue their dreams and aspirations.
6. Lesser Restriction on Flexibility
A majordifference between life assurance and some other investment options includethat you can access your accumulated cash value without restrictions that existon other assets. For example, there are no penalties or required minimumdistributions, unlike other popular tax-favored investments available.
Evaluating all the abundant benefits of permanent life insurance, itneed not be overemphasized that it is an invaluable addition to one’s balancesheet and the foundation for a secure financial future.