Life insurance provides a financial safety net for your loved ones in the event that something were to happen to you, but there's many other roles it can play in your financial strategy too. It's important to understand the role life insurance can play when it comes to smart retirement planning.
At Gibbs Financial, we want to help you prepare for whatever your future may hold.
What is Living Benefit Life Insurance?
Although the primary reason for life insurance is to protect your family financially after you've passed, some life insurance policies allow you to access your cash value early, an option known as "living benefits insurance."
Living benefits are designed to provide policyholders with access to a portion of their death benefit while they are still alive. Many life insurance policies offer living benefits with certain limitations.
Living benefits can help support the following objectives:
Provide tax-free retirement income
Cover costs related to medical care in case of chronic disease or long-term-care protection
Fund college education
Assist in business succession planning
Help you be your own bank