What Are Living Benefits of Life Insurance?

“Live your best life!”

Did you know that you could build cash value through a life insurance policy? Most people are aware of the valuable benefits life insurance can provide, if an unfortunate event occurs. However, life insurance does not only provide benefits when one passes away. Life insurance can also contribute to your life, serving as an excellent resource while you are living!

Life insurance has living benefits that can lead to you achieving financial freedom…

If you want to create financial freedom for yourself and your family while you are alive, you can use the living benefits of life insurance to help you get there. For example, while certain policies grow in value over time, you can tap into this value while you are living, and use this form of cash flow to pay for other financial priorities you have. Such as, a down payment on your house, money for your child’s education expenses, renovation for your house to increase its value, or even for you to create a business start-up.

There are two types of life insurance policies and one in particular that can help you to access these incredible, life changing benefits. The one in particular that can help you to utilize living benefits is called, Permanent Life Insurance. This type of insurance is also known as universal or whole life insurance and it is the insurance that offers these benefits.

Permanent Life Insurance is like owning a home. It’s an asset that you own. It is designed to stay with you for life, and that’s why it is called whole life insurance. So, when you become an owner of the policy, since you pay for it, you begin to build equity on the policy, just like you would build equity in your home, as you pay off your mortgage, and the house appreciates in value over time.

In the world of life insurance, building equity on your policy overtime is known to be another form of cash flow, because it builds cash value on what you pay. This is the case for premiums that you pay as well as when it accrues dividends, which insurance companies pay. And, this grows tax-deferred status.

So, life insurance offers advantages and great value, which you can enjoy while you are living…

Interested in learning more about how you can achieve financial security through the living benefits of life insurance? Hiring a financial planner to support you through your journey of obtaining life insurance will help you to choose a plan that can help you to achieve financial freedom.

ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results and support in choosing the perfect life insurance plan. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.