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I was listening to a friend of mine speak about life insurance.  He said it should be called death insurance, because it is for when you die.  I guess he is right in that regard, I know statistically that most people do not have enough life insurance.  I can only imagine if it was called death insurance how much they would be purchasing.

Now let’s talk about Life insurance for a moment.  We have always used Life insurance in case you die too soon.  What happens if you live too long, or just become ill?  What if you could use the benefits of your life insurance while you were still alive??

Guess what?  Now you can.  There is now what is called Life insurance with living benefits.  You get the death benefit, in case you die to soon.  You can get a benefit which is similar to a long term care benefit, which you can tap into the value of your life insurance policy to pay for some of those costs.  Also, when it comes to living too long, will you have enough money.  Indexed Universal Life policies build up a stream of income that can pay you for the rest of your life.

What about a critical illness ( heart attack, stroke, cancer).  Wouldn’t it be great if you could use your life policy to give you some money after one of these unfortunate occurrences.  Now you can!

It is almost like having four  policies for the price of one. 1 for protection (death benefit). 1 is for income growth or wealth building (cash value). The third one is for critical illness, which gives you cash in the event of a critical illness ( the amount you can access depends on how big your policy is).  And lastly you have chronic illness ( kind of like a long term care) it pays cash directly to you, again it is a percentage of your death benefit in most cases.

Something to think about!  Thanks for reading.