How Life Insurance Can Provide Cash When You Need It
Permanent life insurance is one way to fund your future.
You probably know that life insurance is a way you can leave money to those you care about. Did you know that some policies offer access to cash accumulation that can be used as a supplement to help with purchases if needed?
For example, there are life insurance policies that accumulate cash value and then, in the future,
allow you to borrow from them to help pay for a child’s college tuition; take out a loan for home improvements; or withdraw money to help supplement your retirement income.
The type of life insurance that offers cash accumulation options is called permanent life insurance. As its name implies, the coverage can last for your entire life.
And because this type of life insurance has cash value accumulation potential, it acts a little like the way a home builds equity as you pay the mortgage. Just be sure to repay any loans against your policy so that the death benefit is not reduced.
It's worth talking with your Life Specialist at AAA to determine whether permanent life insurance is the right choice for you.