5 Ways To Use Your Life Insurance While You’re Alive
The thought of life insurance or dealing with a life insurance salesman sends waves of dreariness over the eyes of most people. As a matter of fact the majority of people never get around to learning about how life insurance can really benefit them because they are too afraid to face the reality of dying and getting sold something.
So, when I speak to people for the first time about owning life insurance, I find it much easier to talk about using it while you’re alive. With that in mind, understand this is pertaining to permanent, dividend paying, cash-value whole life insurance. You can not do this with term insurance and I do not advocate using any of the others.
Another reason people don’t get too excited about life insurance is that it’s not real sexy, like gambling in the markets. Whole life insurance is pretty basic and can be boring… until you learn how to use it.
So, here are 5 ways to use your life insurance while you’re alive.
- Rainy Days and Emergencies – life happens, and when it does it’s nice to know life insurance is there. It’s a great place to save for rainy days and emergencies, and you can solve multiple problems with the same dollars.
- Opportunities and Deals – permanent, whole life insurance provides liquidity and access to capital should an opportunity arise. When there are huge market shifts there are usually deals to be had when people sell their assets at a discount seeking safety.
- Finance Major Purchases – you can use cash-value life insurance to finance major purchases like automobiles, equipment and real estate. Loans against policy cash values are available at any time, for any reason without paperwork, underwriting and without structured loan payment schedules.
- Fund Education and College – most parents are not prepared for the costs of funding private school or college, often borrowing from their retirement savings to help with the expenses. Permanent life insurance can provide college funding with uninterrupted compounding.
- Capitalize a Business – most people know businesses fail because of lack of capital. Whole life insurance can be used to capitalize your business and then to provide cash-flow for expenses and inventory.
Summary
There you have it, five ways to use your life insurance while you are alive. And, never did I bring up dying or the death benefit, though it is always there for your family and heirs.
Did I mention you can use it for retirement too? And, for many other reasons…
Until next time,
Barry Page
Did you like this post? Please comment, Like and Share this post.
Subscribe to our YouTube channel: https://www.youtube.com/legacymoney
Want to learn more? http://legacyinsuranceagency.com/contact
IBC Coach
Barry Page is a Registered Financial Consultant, Managing General Agent and Founder of Legacy Insurance Agency, PLLC. He helps clients with tax advantaged investment alternatives and specializes in showing families how to protect their assets, income and lives utilizing a macro-financial approach to planning.