Got Life Insurance?

Eight Things Life Insurance Can Do Other than Death Benefits

Important Benefits That Your Life Insurance Policy May Have

· Life Insurance

Got Life Insurance? 8 Life Insurance Benefits

Living without insurance is a bit like driving blind. You never know what lies ahead. For one with dependents like a family or close relatives, taking life insurance is gives a certain measure of certainty that they will be well in case anything happens. Many people fail to realize the full extent of the benefits of taking term life insurance. Death benefits come to mind when there is a mention of life insurance, but there is more to it.
• Provide benefits when you get terminally ill
These benefits are known as living benefits. They can be claimed by the insured if he has 12 months or less to live, and can be received as a portion in advance. They come as standard for many term life insurance policies.
• A source of care if disabled
Many plans will have riders that the insured can receive benefits in the case of chronic or critical illness. This includes physical disability, heart attack, invasive cancer and stroke. This is crucial for people who find their medical bills mounting.
• Long term care
This can be included in the plan instead of buying two separate plans. This can be done as a rider on the life insurance plan at an extra cost which is not as expensive as taking a new plan.
• Offer child protection
A better way of protecting your loved ones with life insurance is asking for insurance on your child’s life to be included in your plan with a rider that will cost extra but not as much as a new plan on the child.
• Give to charity
Your small monthly premiums can be turned into one big charity donation on your death. This is better than bequeathing your savings directly to charity upon death. The savings can buy a plan that will leverage it into a big donation to your charity of choice.
• Minimize taxes in retirement
You can create a stream of tax free money using your life insurance protection. The policy can be your personal pension.
• Cover college costs
You can cover your child’s college costs by taking out loans guaranteed by a life insurance policy. This is a better way of getting cheaper loans than student loans. The added benefit is that the money paid back goes back to the insurance policy keeping your loved ones protected.
• Get back your money
You can claim your money at the end of an insurance term with a return of premium rider. While this will cost a bit more, it is a good way of saving and staying insured.

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