Advance Your Permanent Life Insurance With Living Benefits
Among the jumble of policies, there are two types of life insurance – permanent and term. These two are best known for their ability to provide a death benefit. Although we’re talking about the contrary (living benefits), utilizing these policies can strengthen your financial position from any standpoint in life.
Here Are 8 Ways Living Benefits Can Boost Your Life Insurance Policy
1. FLEXIBLE FUNDS FOR RETIREMENT
You can use your permanent life insurance cash value to supplement your retirement income without the requirements and limitations that apply to 401(k) and IRA retirement accounts. You have several choices, including receiving your dividends in cash, surrendering paid-up additions that you purchased along the way, or taking a policy loan (all of which may have tax consequences or impact the death benefit). If you no longer need the death benefit and would like guaranteed income from your life insurance contract, you also may terminate the policy and have the cash surrender values paid out as an annuity.
2. “Collateral” for policy loans
3. Guaranteed, tax-deferred growth
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4. COLLEGE SAVINGS
5. Locked-in insurability
6. Legacy opportunities
7. Tax benefits
8. Long-term care
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Local Life Pro has over a thousand certified, licensed life insurance agents scattered throughout the 50 states. We guarantee to have one nearby that knows all the plans in your area, as well as granting you the opportunity to meet in person to discuss better plans available. Your information is safe with us. Fill out the form to have a agent call you shortly.