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Life insurance can also benefit the
living
If you think life insurance should be purchased just for a death benefit, you’re
only half right! "Universal life insurance" provides a death benefit with a cash-value fund,
and is ideal for several "non-traditional" uses, such as:
Paying off a mortgage: By the end of the typical 30-year mortgage, the total
payments you’ve made are probably double the amount you paid for the house when you
bought it. Many homeowners are now using a universal life policy to accumulate the cash
they need to pay off their mortgages an average of 10 years early, saving thousands of
dollars in interest payments.
Saving for college: Parents of young children know that in order to have enough
money to help with college costs, they need to be putting away an average of up to $300
each month! A universal life policy can be an excellent long-term funding vehicle, based
on very competitive current interest rates.
Living benefits: While families learn to cope with the emotional costs of a
loved one’s terminal illness, they are often unable to recover from the financial
costs. A lifetime of savings can be wiped out in a shockingly short period of time,
leaving families with a mountain of medical bills. Many life insurance policies are now
offering "living benefits," which allow terminally ill insured
individuals to claim a
portion of their death benefits while they are still alive. This benefit can be a valuable
source of funds at the most difficult of times.
The death benefit feature of a life insurance policy is unique, providing a benefit no
other investment can match. But universal life policies can also help meet a variety of
other needs. Let your independent insurance agent help you decide if universal life is the
right choice for you.
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