Their are multiple Benefits of Permanent Life Insurance, Here are a few.
Most of us buy insurance. It ranges from home, health, auto, or disability insurance. It protects our loved ones in case something unfortunate happens. While people buy permanent life insurance for protection, you may be surprised to learn that it can help in other ways.
Enjoy financial protection…and more.
The primary purpose of life insurance is to replace some, if not all, of the income that would be lost if you were no longer around to provide for your family. One of the most significant financial perks permanent life insurance offers is the ability to build cash value over time.
You can use some benefits during your lifetime.
Cash value is a potentially valuable resource that grows tax-deferred within your policy. As long as you continue to pay your premiums, the cash value will continue to grow. In Addition, you can borrow against the cash value (1) while you are still alive. This is why it is often referred to as a ‘living benefit.’
It can help you get ready for life’s important milestones.
As you might imagine, there are plenty of reasons why the cash value in your policy could come in handy. Many people use the money to help pay for a child’s education or wedding, put a down payment on a home, or to supplement their retirement nest egg if their need for death benefit protection goes down. Business owners also make good use of this benefit by drawing on it whenever they need additional capital, or would like to expand their operation.
It will be there for you and your family when needed.
With permanent life insurance, there are no restrictions on how you use the cash value. You can use it to cover unexpected emergencies, or to help prepare for some of life’s most joyous moments. Moreover, some permanent life insurance policies may be eligible for dividends. (2) Dividends may be used to help pay premiums or purchase additional insurance. Because permanent life insurance offers a lifetime of protection, you can be sure this coverage will be there to help your loved ones today, tomorrow…or whenever the time comes. (3)