Many people are not aware of the fact that their life insurance policy, traditionally believed to only be payable upon your death, can actually offer you living benefits today … Yes — while you are alive.? This article will outline a few different types of life insurance in hopes of making you fully informed regarding life insurance benefits you can use today on Earth, and do not have to die to use.
Life insurance can be offered in several different types. Let’s start with Term Life Insurance. This is usually sold in either 10, 15, 20, or 30 year blocks. There could be a variety of reasons to choose this. Maybe you just want something in place till the kids are grown. Many use this as mortgage insurance. It could then be used to pay off the home in the event of your loss. But what many do not realize is that if you qualify, this could actually be obtained at no net cost. Term life can come with a Return Of Premiums or ROP. This means that at the end of the policy period, you would receive all your money back.
Next is Universal Life Insurance. It is unique due to the fact that this life insurance policy can be quite flexible and creates a cash value that can be borrowed and used for a variety of things down the road. This life insurance policy can also be a great attribute for someone who may need money later in life, such as putting your children through college, restoring your home, or covering some necessary medical deductibles.
Finally, is Index Universal Life Insurance, or IUL. This is by far one of my favorites. This life insurance policy is not invested in the stock market, but rather is tied to it. This mens that if the market goes up, then your IUL makes money. Further, if the market should fall, this policy comes with a guaranteed minimum that ensures your money is safe. So in short, you capitalize on the upside of the market without the risk of loss. Many of these come with a limited cap, are completely liquid, creditor safe, guaranteed, and for the last 14 years have outperformed the S&P. IUL is a whole life policy which is usually set up to completely be paid off by a specified date or age, usually 65 or 70, at which time you would start drawing your retirement. Again, this money is tax free!
For more information regarding Living Benefits, Life Insurance options, Benefit options and intelligently and thoughtfully planning for today and protecting your tomorrow, contact the experts at Wealth Creation Services https://www.WealthCreationInsurance.com and 714-714-0811.
Remember … make sure that when you are done, you will be leaving your family and loved ones a legacy and not a liability.
