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For most, life insurance is purchased to lessen the financial burden in the event of the death of the insured. That burden could include final medical bills, funeral expenses or even to provide for living or education expenses for those left behind. Life insurance, however, may also have some other unique benefits you may not be aware of.
It Can Build Cash Value
Permanent or whole life insurance policies can actually build value over time. This is cash value that can be accessed in several ways for emergencies and opportunities. Policy holders may be able to borrow against the cash value of a policy at attractive rates or may even decide to cash the policy in for its surrender value.
It is a Form of Equity
A life insurance policy with cash value can serve as a form of equity, adding to your net worth. It my even be used as collateral when applying for a loan. Simply put, permanent or whole life insurance can be a financial asset as it builds value.
You Still Maintain It It Even If Your Health Deteriorates
One of the more under-appreciated benefits of life insurance is that permanent or whole life insurance can’t be cancelled by the issuer should you become ill or injured. As long as you maintain premium payments, once you secure a life insurance policy, it is yours to keep. Keep in mind, this does not apply to term insurance, which is intended to only covered the insured for a predetermined “term”.
It May Have Disability Benefits
Many life insurance policies may have benefits that can provide assistance should the insured or policy owner become disabled. A “waiver of premium”, for example, waives premium payments if the insured becomes disabled. Many policies also have “loss of limbs” provisions that will pay benefits should the insured lose an arm or a leg.
Accidental Death Coverage
It is not uncommon for life insurance policies to pay a multiple of the insured amount should death occur by accidental means. This amount is most commonly twice the policy’s face amount.
Peace of Mind
An often overlooked benefit of life insurance is the peace of mind it provides for both the insured and his or her family. This is one positive aspect of coverage that is hard to put a price on.
When considering life insurance, consider all of its unique features and benefits. Contact us for a no-obligation quote on life insurance today. It is valuable protection you can live with.