5 Surprising Perks of Life Insurance
7-04-2017When you talk to people about life insurance, the first thought that comes to mind is that it’s money that goes to their loved ones should they pass away. However, life insurance has evolved tremendously. Now, there are variety of ways life insurance can benefit clients while they’re alive.
- Pay for college - Permanent life insurance policies accumulate cash value that can be accessed. Clients can borrow against their cash value when they need it most. A good reason to pull these funds would be to pay for their children’s college education
- Jump start a new business - Did you know that Disneyland was partially funded by Walt Disney borrowing from the cash value of his life insurance policy? Pulling funds from a permanent policy will help to pay business expenses until they business begins to make revenue.
- Give peace of mind if time off work is needed - Another perk of having a policy that accumulates value is income replacement. If a family emergency requires clients take time off work, they don’t need to stress about paying their bills.
- Grow retirement savings - On the flip side, if your clients don’t borrow from their cash value and simply let it accumulate for the long-term, they then have a large lump of savings to use for retirement.
- Pay for medical emergencies - Term insurance also has it’s perks these days. If clients go for an option with living benefits, they can borrow against their death benefit to pay for medical emergencies such as terminal, chronic, or critical illness.