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5 Ways to Use Your Life Insurance Policy

  
  
  

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In addition to the standard death benefit, you may also be surprised to learn there are other ways you can use your life insurance policy.

Here are five ways to use your life insurance policy to your benefit:

 

 

 

1. Living benefits. Many state life insurance policies offer a Living Benefits or Accelerated Death Benefits provision, which means the policy will pay for care expenses should you or another policy holder be diagnosed with a terminal illness. With the ever-increasing cost of health care, this benefit can prove invaluable, so check with your life insurance agent to find out more.

2. Cash value. If you own permanent life insurance, such as whole life, universal life or variable life, you can use the policy to preserve your cash flow during hard times. You may borrow against the accrued cash value at any time, with no questions asked. This kind of life insurance not only provides a death benefit; it can also save you from financial ruin in the event of a job loss, health problem or other emergency.

3. Long-term care. Many families have found the cost of long-term care for an ill or elderly individual to be financially devastating. In some cases, using a state life insurance policy to pay the cost of long-term care can prevent this problem. The rider on such a policy allows a portion of the value to be applied to the long-term care, with the death benefit reduced proportionally.

4. Waiver of premium. A "waiver of premium" rider will keep paying the premiums on your state life insurance in the event of certain misfortunes, such as the loss of a job or disability. This allows you to keep your policy in effect for a specified amount of time, typically six months, even if you cannot pay.

5. Conversion. Should you be diagnosed with a serious medical condition and want to ensure your term life insurance will last beyond the length of the term, a conversion could prove invaluable. This allows you to convert a term life insurance policy to a permanent life insurance policy, such as whole life, without the need for a medical exam.  

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