Have You Ever Looked At The Living Benefits Of Life Insurance? Amazing!

Living Benefits

Have You Ever Looked At The Living Benefits Of Life Insurance? Amazing!

Many people think of life insurance as something that pays out only upon the death of the insured. Although this is true and the most significant benefit of life insurance, many people overlook all of the "living" benefits of life insurance and what those benefits can provide. The question you have to ask yourself is not, "What happens if I die?", but "What happens if I live?" The living benefits for some people, in some situations, find the living benefits of life insurance far more valuable than the death benefit. Below I will go over the different options that may be available to you.

Cash Back Option

Most people know of term life insurance as a product that you pay of a specified period of time and at the end of that time period, the insurance if not used, the money is gone. This for some people seems like a waste of money. For those people, or people that would like to get something back, the Cash Back Option is a great benefit. It is an option that is available on a term product and at the end of the specified period of time, the insured is able to get 100% of the money paid into the policy as a lump sum disbursement. This is generally a great option for people with a mortgage and would like to provide protection to their loved ones and at the same time would like to payoff their mortgage early.

Disability Income Rider

This is a great rider for people that may have a concern in meeting their monthly financial obligations, including their mortgage payments, in the event of becoming disabled. Generally there is a 90 day waiting period and this disability income can be generally received for up to two years. It is a great supplement to an existing disability insurance policy and can provide additional much needed cash during this difficult time.

Chronic/Critical Illness Rider

This is a rider that will pay you, while still living, a portion of your total death benefit should you be diagnoses with a Chronic/Critical Illness. This amount can be significant if the policy has a large death benefit. Being diagnosed as chronically ill can be a difficult time in a person's life and having access to to a large sum of money upfront, or monthly payments, can ease the burden of having to deal with financial obligations.

Terminal Illness Rider

This is a rider that provides the insured with a portion of the total benefit if the insured is diagnosed with a Terminal Illness and has twelve months to live or less. The benefits can be used to help you cover medical costs, replace lost income or pay whatever expenses you see fit. This can be a significant amount of money and can help ease the burden of having to deal with your financial obligations during this difficult time in your life.

Tax-Free Retirement

Using the cash accumulation of a high cash value life insurance policy, like an indexed universal life policy allows the insured, at a specific period of time, chose to have the policy begin to pay them back and receive this money as a Tax-Free benefit. This is a great option that may not have the option to enroll in a 401K, do not qualify for a Roth IRA, people concerned with the state of social security or anyone that just wants to ensure they don't outlive their retirement nest egg.

Contact a qualified professional with Family First Life today, to schedule an appointment to review your life insurance needs.