Welcome to another post from the Strickland Advisory Group, based in the heart of Fayetteville, GA. Today, we will explore the different benefits of life insurance that extend beyond the traditional death payout.
Building Cash Value
Certain types of life insurance policies, such as whole life and universal life, build cash value over time that you can use during your lifetime. The cash value is a savings account that grows tax-deferred, making life insurance a possible vehicle for investment.
Acting as Collateral
With a built-up cash value, your policy can act as collateral for loans. This turns your life insurance policy into a beneficial financial resource that can help during tight times.
Living Benefits
Also known as an accelerated death benefit, this allows policyholders to receive cash advances against the death benefit in the case of being diagnosed with a terminal illness. This can help alleviate medical costs and end-of-life expenses.
Here at the Strickland Advisory Group in Fayetteville, GA, we believe it’s important for our clients to fully understand the advantages of their policies. It’s not just about the payment your beneficiaries will receive upon your passing. Life insurance, when chosen correctly and with adherence to your unique needs, serves as a multifaceted financial tool that protects and assists both you and your loved ones.
Consult With Strickland Advisory Group
Understanding these benefits allows you to take advantage of the many ways your life insurance can work for you. If you have further questions or want to understand better how life insurance can provide more than just a death benefit, contact us at the Strickland Advisory Group. We’re ready to help you navigate your way to clearer insurance decisions.
