Little Known Life Insurance Benefits you’re entitled to With Your Plan
So, a tiger never changes his stripes? Let’s hope that’s not the case with our boy Tony. He’s a pretty cool cat, but he’s being a Frosted Flake about getting life insurance. Ever since he signed his new contract with Kellogg, he’s become a cereal procrastinator. So, what’s up with Tone? He may be in mascot mode, but he needs to milk this life insurance thing for all it’s worth.
Okay, his fans may sweat him every morning, but this fame bug has got him missing out on all of the advantages that he can get with a life insurance policy. We, at Achieve Financial Group, plan to meet him for breakfast to tell him about 10 things that he can get if he purchases life insurance.
1. Coverage for long-term care expenses. Life and long-term insurance can be combined in a specialty product.
2. Provisions if you’re terminally ill. These are also known as living benefits that are paid if a person has a life expectancy of 12 months or less.
3. A cash resource if you’re disabled. Many plans offer chronic illness or critical illness riders that may pay out funds if a person becomes disabled or experiences a heart attack,
4. Ability to give a final gift to your favorite charity. You can buy life insurance and give a bigger gift to charity.
5. Safeguard in a bear market. You can use permanent life insurance in a sagging stock market, so you’ll have money to use in a bear market.
6. Reduction in taxes when you retire. You can treat life insurance as a personal pension.
7. Insurance for children. Parents can add a rider on their insurance plan that will provide insurance for their child.
8. Tuition assistance for your children. You can borrow from a life insurance policy to pay for tuition. .
9. Exemption from paying premiums. You can get a premium waiver rider that allow you to continue receiving provisions if you become disabled.
10. Reimbursement of the money if you don’t die. You could receive all of the premiums you have paid if you reach the end of your policy term without making a claim.
We were finally able to catch up with Anthony, a.k.a. Tony the Tiger at brunch. We gave him a bowl full of reasons why he should get life insurance. We had to spoon feed every one, but we think we got through to him. In fact, when we asked him what he thought about the benefits he gets from a life insurance policy, he smiled and said, “They’re G-r-reat!”