Wednesday, July 9, 2025

5 Things You Didn’t Know Life Insurance Could Do

 


Do you realize that there’s a lot that you don’t know about life Insurance? In this piece, we’ll be exploring a couple of options of what you can do with life insurance. Investing in a life insurance policy can help you meet many financial goals, but there are some things that the average person may not know about life insurance policies.

Life insurance is beyond protecting your loved ones and assets from the risk of future financial needs. There’s much more than most people know.

No worries, let’s do a rundown of all that is to know about life insurance;

1. Defray Long-Term Care Funding

One out of every three American will likely require long-term care in their lifetime, a very expensive necessity. For example, in the U.S., costs for long-term care average $54,000 a year, and it is projected that this expense will rise to $104,000 within the next decade.

Typically, you would need to pay for long-term care costs with your own money or with funds set aside by family members. However, life insurance can provide the required funding.

2. Transfer of Wealth

Life insurance can provide an income stream for your beneficiaries in retirement. A traditional life insurance policy will pay a death benefit in the event of your death. The beneficiary will receive this lump-sum payment in the event of the insured’s death. However, you can create an account value with a life insurance policy and allow your beneficiaries to receive income over time instead of just one lump sum.

Earnings created on this cash value can be used to purchase an annuity, an income stream for the insured’s beneficiaries upon their death. You can also use this income to buy a life annuity, which provides a fixed income for your beneficiaries during their lifetime.

Read More...

While life insurance can provide many benefits for you and your family, feel free to reach out to our expert insurance advisors today to discuss about it.

No comments:

Post a Comment

5 Things You Didn’t Know Life Insurance Could Do

  Do you realize that there’s a lot that you don’t know about life Insurance? In this piece, we’ll be exploring a couple of options of what ...