The Many Benefits of Life Insurance

Life Insurance

The Many Benefits of Life Insurance

Posted by COTO Insurance & Financial Services
1 year ago | July 9, 2018

 

Life insurance comes with many more benefits than you might think. In fact, it’s also for those who are still living!

You might be surprised to learn that life insurance benefits can even be used to fund your retirement. For example, I’m currently paying premiums each month, for a  life insurance policy I started when I was forty. Someday when I get ready to retire, I can actually borrow the cash value out of that insurance policy, to use as retirement income if I choose.

And the best part? That retirement income comes free of income taxes! That’s because life insurance benefits are not taxed as part of your income.

Cash value life insurance policies are actually one of the few retirement savings vehicles that are not subject to income limits or income tax thresholds. So, while a life insurance policy would obviously pay benefits to your heirs in the event that something happens to you, you can actually use it to prepare for retirement.

Here’s another option: You can enroll in a life insurance policy that also provides long term care benefits. So, if you get sick and need a specialized nursing care facility, you won’t have to worry about how to pay for it. On the other hand, if you never need those benefits, then the regular death benefit is still paid out to your beneficiaries one day.

As you can see, life insurance is much more versatile than many people believe! Give us a call, and we can discuss your needs and priorities. Then, together we can select a policy that supports your goals.

 

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