Have a life insurance policy? That’s great! If you don’t, well, you may want to reconsider. But what are some of the features that a life insurance policy should have built-in to it? There are a lot of different options, but here are three features to consider.
- Living benefits. Your policy should be able to protect you and your loved ones before you die. With living benefits, you basically accelerate your death benefits to help pay for any expenses if you’re chronically, critically, or terminally ill.
- Cash value. Permanent life insurance policies have the ability to grow and maintain a cash value amount. At the very least, this is designed to offset the premiums to put into the policy, but it can also give you the opportunity to recoup all your premiums you’ve ever paid.
- Flexibility. Do you know where you’ll be in 2050? Probably not. That’s why it’s important to have flexibility built into your policy. Many policies allow you to use your cash value amount to pay for premiums later. Living benefits may also give you access to your death benefit before you die. Remember, life changes—so be sure your policy can change with you.
What life insurance features are important to you? We can advise! Call us and we’ll help you sift through life insurance options that are best for you and your family.
The content within this document is for informational and educational purposes only and does not constitute legal or tax advice. Customers should consult a legal or tax professional regarding their own situation. This document is not an offer to purchase, sell, replace, or exchange any product. Insurance products and any related guarantees are backed by the claims paying ability of an insurance company. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.