I hope everyone had a great Labor Day and enjoyed some much deserved time off from work! Labor Day Weekend was a great way to kick off September which also marked the beginning of the 10th annual Life Insurance Awareness Month. Since it is September I figured it would be fun to offer some information on Life Insurance and why it is such a key part of any sound financial plan. The fact is Life Insurance is the only product that will make sure what you want to happen, will happen, even if your not there to see it happen. It is also the only insurance product that is guaranteed to pay off, no matter what happens.
So what is Life Insurance? The most common answer is it gives your beneficiary a pile of money when you die. What about the living benefits though? In addition to a death benefit, permanent life insurance offers tax deferred cash growth, tax free distributions, a competitive return in today’s economy, high contribution limits, collateral opportunities, a safe harbor for money, no loss provisions, guaranteed loan options, unstructured loan payments, and ultimate liquidty/use/control of your money.
That pretty much sums up my little Life Insurance 101. Still have questions? Ask me!