Many people have heard about life insurance policies, but you’ll be surprised that very few choose to spend the extra money each month in order to protect their biggest investments: themselves. Of course, you’re well aware that life insurance poses a serious benefit in the case of your demise, but choosing to purchase permanent life insurance St Augustine FL goes beyond the obvious to provide financial security. For people looking to purchase such an insurance policy, here are some of the additional benefits they may enjoy:
1. As you pay your life insurance policy, the cash value will eventually become accessible to you as a loan or an outright withdrawal. This money can be used for family troubles, business opportunities, educational endeavors or even, retirement. Eventually, your life insurance can become much like pension plan.
2. Life insurance St Augustine FL also provides asset protection in the time of your death. If your beneficiaries need a way to offset the impact of the estate taxes left behind, your insurance policy can aid your loved ones. As an additional perk, the death benefit will also take care of surviving family members by providing the necessary funds to help them achieve their lifelong goals and live comfortably.
3. Permanent life insurance policies can also give you access to all of the cash you’ve accumulated through your payments without any restrictions. Not only are there no penalties for withdrawing your money, but there are no minimum required distributions either.
4. When you take the time to purchase a permanent life insurance policy, especially when you do so at a young age, it will cover you for the remainder of your lifespan. You’ll get plenty of protection regardless of how your personal situations may change and your health may decline. Once again, it’s important to lock in insurability at a young age to make sure you don’t miss out on any benefits.
5. You’ll achieve long-term financial security for yourself as well as your family with the right insurance policy. As your cash accumulates throughout the decades, you have numerous options for getting access to those funds. If you prefer lifetime income, you can convert it to an annuity or keep a portion of the benefits and keep the rest as cash value. Most importantly, you can keep the policy as is to protect your loved ones.
No one really thinks about what they leave behind when they pass, especially when they’re still in their prime. With that being said, an untimely death can happen to the best of us, which is why it’s important to protect your assets as well as the people that mean the most to you by using a life insurance policy.