When you make a list of your financial assets, you no doubt think instantly of your home, retirement funds, vehicles and other financial investments. But beyond the obvious essential elements of your financial objectives lies your life insurance policy, which just happens to offer benefits that some of those other financial plans don’t.
Beyond the obvious assets that are associated with life insurance, there are several advantages that can both protect and expand your future financial security. In addition to the death benefits of life insurance, here are additional opportunities your policy can offer.
Your life insurance policy can offer a backup when you need it and offset the impact of estate taxes upon you untimely death. This death benefit can also provide your surviving family members with the money they need to live a comfortable life and better attain their goals.
After accumulation, your life insurance cash value is accessible through a policy loan or for withdrawal for business and family opportunities including funding for education, emergencies or even retirement income.
You are able to retrieve your accumulated cash value without the restrictions that are in place on other financial resources. For example, unlike IRAs and 401 k plans, there are no required minimum distributions or penalties.
A permanent life insurance policy provides coverage all throughout your life, even when your personal situation changes. Events like divorce, marriage or the newest addition to your family call for a serious re-evaluation of your current policy.
With so many distinct benefits, life insurance can be a powerful addition to that foundation that is your financial security. Call your Northbrook financial advisor today for more details.