Five Ways You Can Benefit from Life Insurance Protection
There are many benefits to buying life insurance, 5 ways you can benefit from this type of protection are listed below.
- Family Protection; Many young people starting out do not have the money or savings to properly protect their spouse and children in case they die unexpectedly. Life insurance can provide financial security for their family. Knowing that your spouse and children will be okay financially after your death will help ease your worry.
- Access To Funds; if you have a terminal illness or chronic illness you can access the proceeds from the death benefit to help pay for medical expenses while still leaving some funds for your family. Once you have the proceeds, you can spend it however you wish. The policy must include a terminal illness rider in order to be able to access the funds.
- Asset Protection; the death benefit can provide your family extra funds to help pay for your estate taxes so they don’t have to tap in to your hard earned savings that was meant to go to them as whole. The family can also use it to pay for final and burial expenses.
- College Fund; the death benefit can provide your children with money so they can have a chance to go to college. This is very important to most young parents.
- Emergency Fund; in a cash value life insurance policy like whole life, you have access to the cash value for emergencies, as a down payment on a car, for your son or daughter’s college expenses, books, fees, etc. The cash you withdraw is considered a loan which needs to be paid back; however, the interest rate is typically lower than it would be if you were to take a traditional loan.
As you can see, there are many benefits to purchasing a life insurance policy. Help protect your family today.