September 27, 2020 - Douglas Myser

Using life insurance for investment. There is, without a doubt, no type of insurance we like to think about less than life insurance. It's a financial product that, by its nature, is geared toward answering questions of when and how you'll die, possibly even prematurely--and, subsequently, how the nearest loved ones in your life will fare after you're gone. Life insurance can be a vital tool, helping mourning family members deal with the monetary impact when someone passes away. The payout from life insurance can mean the difference between your survivors struggling to get by and having a decent financial cushion. But life insurance doesn't always have to be thought of as simply an unmentionable rescue package should the worst happen. It is, like any other type of insurance policy, a complex investment with its own pros and cons. And depending on how you select and manage it, life insurance can become a smart weapon in your overall financial arsenal. Using life insurance for investment.

For instance, without the right life insurance, a spouse--particularly one who's not working or not working at the same income level--might be overwhelmed by the hardships of individual expenses without their partner's paycheck both in the moment and in years ahead. Even if someone else isn't relying on your income, the extra earnings will be welcome. Life insurance protects the contributions of each partner, even if they aren't necessarily financial in nature. "Life insurance covering the non-employed spouse can provide needed resources to engage help to suppor the family with essential services in case of an unexpected death." Life insurance policies are broken down into two major types: what's know as whole life, or permanent life insurance, and term life insurance. The former covers the insured for that person's entire life, while term life insurance is tied to a particular length of time, meaning that you can only access a payout in the year that the plan is active.

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