How Life Insurance can benefit you
While many of us underestimate the power of Life Insurance, it is often necessary to revisit the benefit Life Insurance provides to our stronger personal balance sheet.
Here is an article from Forbes showing 6 ways that Life Insurance can benefit you
1. Access to Cash:
Once it accumulates, your life insurance cash value is accessible through policy loan or withdrawal for family and business opportunities, education funding, retirement income, emergencies, or to pay policy premiums.
2. Asset Protection
Life insurance can offer a financial fall-back when needed and offset the impact of estate taxes upon your death. The death benefit also can provide surviving family members with funds they need to live comfortably and achieve their goals.
3. Consistent, Safe Accumulation
Permanent life insurance cash values are guaranteed, meaning you will always have access to the assets you accumulate.
4. Flexibility with Less Restriction
You can access your accumulated cash value without restrictions that exist on other assets. For example, there are no penalties or required minimum distributions, unlike other tax-favored investments such as IRAs and 401k plans.
5. Long-term Financial Security for You and Your Family
Once you have built cash value over decades, you have multiple options for accessing those funds. You can cash in the policy, convert it to an annuity for guaranteed lifetime income, keep a portion of the death benefit and access some of the cash value, or continue the policy to protect your family and leave a legacy.
6. Protected Insurability
As long as premiums are paid, permanent life insurance provides coverage throughout your life, even if health or personal situations change. And buying a policy at a young age locks in insurability.
Read complete article on: 6 Ways Life Insurance Can Benefit You
Source: www.forbes.com
Here is an article from Forbes showing 6 ways that Life Insurance can benefit you
1. Access to Cash:
Once it accumulates, your life insurance cash value is accessible through policy loan or withdrawal for family and business opportunities, education funding, retirement income, emergencies, or to pay policy premiums.
2. Asset Protection
Life insurance can offer a financial fall-back when needed and offset the impact of estate taxes upon your death. The death benefit also can provide surviving family members with funds they need to live comfortably and achieve their goals.
3. Consistent, Safe Accumulation
Permanent life insurance cash values are guaranteed, meaning you will always have access to the assets you accumulate.
4. Flexibility with Less Restriction
You can access your accumulated cash value without restrictions that exist on other assets. For example, there are no penalties or required minimum distributions, unlike other tax-favored investments such as IRAs and 401k plans.
5. Long-term Financial Security for You and Your Family
Once you have built cash value over decades, you have multiple options for accessing those funds. You can cash in the policy, convert it to an annuity for guaranteed lifetime income, keep a portion of the death benefit and access some of the cash value, or continue the policy to protect your family and leave a legacy.
6. Protected Insurability
As long as premiums are paid, permanent life insurance provides coverage throughout your life, even if health or personal situations change. And buying a policy at a young age locks in insurability.
Read complete article on: 6 Ways Life Insurance Can Benefit You
Source: www.forbes.com
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