Many people focus strictly on the death benefits of a life insurance policy. However, life insurance policies also come with living benefits as well. A life insurance policy from Genius Insurance can benefit you in numerous ways while you’re still alive. Here is a look at just some of the living benefits that can come with an Austin, TX life insurance policy.
Leverage the Cash Value of Your Policy
You can do many things strictly with the cash value of your life insurance policy. Typically, this applies to permanent life insurance. Your policy can accumulate cash value, which you can then use for various purposes.
- Take out a loan – You can often take a loan out against the cash value of your policy for any reason.
- Take money out – You can sometimes make withdrawals from the cash value of your policy.
- Cancel the policy – Although not recommended, it’s sometimes possible to cancel or surrender policy to release the cash value to yourself.
- Settle the policy – In some cases, it’s possible to sell your policy for cash.
Other possibilities for using the policy’s cash value also exist. When you leverage the cash value of your policy, you effectively turn it from a death benefit vehicle into an investment possibility and financial asset.
Use Your Living Benefits
The term “living benefits” often means what you can do with your life insurance policy while alive. However, the term is also a specifically named category of benefits you can add to a life insurance policy. Living benefits can come as standard with certain types of policies, or you can apply for them individually. Typically, these benefits consist of payouts for long-term care and chronic illness.
Life insurance in Austin, TX offers many other benefits you can use while you’re still alive, including retirement benefits and tax benefits. The benefits available to you will depend on your policy and options. To learn more about what you can do with your life insurance while still alive, contact Rate Genius Insurance today.