While annual premiums for a life insurance policy can vary widely by age group and the coverage amount, there are plenty of companies where the average cost of term life insurance is under $300 per year. This is just one example of how to save hundreds, if not thousands, on your life insurance policy. In this post, we’ll go over the benefits that significantly offset the cost of life insurance.
As with everything, prices of life insurance have seen a considerable increase, yet they remain a reasonable consideration for anyone in the market to protect themselves and their loved ones. As a result, we see people from all walks of life, most who believed they could never afford life insurance, only to leave pleasantly surprised and fully insured!
Life insurance does hold more than a death benefit. Life insurance truly adds new meaning to life, with many options to take advantage of your plan. So let’s jump in, shall we?
Cash in income tax-free
If there’s one thing no one wants to think about, it’s probably dying. And if you have a family, ensuring they have the financial means to survive without you is something no one wants to consider. Luckily, holding a policy for life insurance ensure your family will receive a tax-free income payout to help with the final cost or tie up any loose ends to alleviate as much stress as possible.
Build cash value
If you’re looking for an alternative to retirement savings, you may consider buying an insurance policy. If you have a life insurance policy, the death benefit is paid out when you die. But some life insurance policies build up cash value, which can be used as additional retirement savings.
Get coverage for chronic illness.
If you’re looking for a life insurance policy, you’ll want to ensure it covers chronic or terminal illnesses. You can add an endorsement or rider to enhance and customize your coverage.
One endorsement that many people choose is an accelerated benefits rider. By exercising this right, those with terminal illnesses can enjoy their benefits prior to passing, while continuing to pay on your policy.
Life insurance is an affordable option that buys peace of mind and security for your loved ones. There are so many benefits to protecting yourself and the ones around you. Take a look at our website today and get in contact with one of our agents for more information on how you can get and stay protected!
