Life Insurance Can Do a Lot More Than You Think

Once your policy accumulates enough cash value, you can use it to:

•  Buy your starter home or your forever home
• Turn your side hustle into a full-time business
• Pay for your child’s college education or dream wedding
• Cover unexpected expenses, like home repairs
• Plan an unforgettable trip or other memorable experiences

When you retire, the cash value in your policy can help:

• Fill an income gap until you start taking Social Security benefits or retirement plan payments
• Supplement your retirement income
• Offset fluctuations in your other retirement assets, like IRAs or 401(k)s
• Pay for unexpected medical expenses
• Provide a source of income to achieve your retirement bucket-list goals

Your policy will continue to work for you after you’re gone, helping you to:

• Protect your family and the lifestyle they’re accustomed to
• Leave a legacy for your children or grandchildren
• Transfer wealth, income-tax-free2
• Give to your favorite charity
• Ensure that your business continues to thrive
  

Life insurance permanent policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force.  Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values. Loans are income tax free as long as policy is not a “modified endowment contract” (MEC) and policy must not be surrendered, lapsed, or otherwise terminated during the lifetime of the insured, and withdrawals must not exceed cost basis. Partial withdrawals during the first 15 policy years are subject to additional rules and may be taxable. Excess policy loans can result in termination of a policy.  A policy that lapses or is surrendered can potentially result in tax consequences. You should consult a qualified tax professional for tax advice on your own personal situation.  All guarantees are based upon the claims-paying ability of the issuer.