5 Ways To Leverage Your Life Insurance

Did you know you can access the value in your life insurance policy today?

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Most of us don’t often stop and think about life insurance. But since September is National Life Insurance Awareness Month, it’s a great time to reflect on this important asset.

At its core, life insurance serves an essential function: It takes care of your family should something happen to you. If you have whole or universal life insurance, there are many ways you can use it during your own lifetime. And if you have term life insurance, there may be more ways to use it than you thought.

See the slideshow below to learn five ways your insurance policy could save the day.

Term vs. Perm Insurance: What’s the Difference?

Term life insurance is simple and typically less expensive than whole life insurance. You pay into it for a certain amount of time (term), and when that term ends, the policy ends. It’s mostly about the traditional death benefit for your family or other beneficiaries.

Whole life insurance, a type of permanent insurance, is more expensive but offers more. It doesn’t end (as long as your premiums are paid when due), and as it matures, it builds cash value that you can tap into.

Universal life insurance is another form of permanent life insurance, but it offers more flexibility than whole life insurance. Like whole, universal life can be used as a financial asset during your lifetime.

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