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The Super Policy: Life

A life insurance policy is a particularly potent source of protection for you and your family. Here are five common benefits of a life insurance policy:

1) Living benefits—If given a life expectancy of fewer than 12 months due to a terminal illness, a policyholder can generally withdraw up to half the amount of a life insurance policy. These funds can be used to pay for treatments, care facilities, or other things with very few restrictions.

2) Source of cash—Cashing out a portion of life insurance or taking a loan from a policy are options in many life insurance policies. This allows for payment of medical bills, provides disability income, or pays for anything unexpected.

3) Tax protection—Some life insurance-type policies produce tax-free money in retirement or shield a larger inheritance from increased tax liability.

4) Insuring a child—Parents can purchase long-term life insurance for a child with either an inexpensive policy or child rider to their own life insurance.

5) Return of premium—There are policies available that offer all the premiums to be paid back to the payer if the insured doesn't die during the policy period. Although there is an extra cost to this option, some consumers like the security of knowing their premiums aren't wasted if they outlive their policy term.


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