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September has arrived. Here at Community Insurance & Associates, that means we will be focusing much of our attention on Life Insurance Awareness Month. Life insurance is often times misunderstood and many do not recognize the features and benefits that life insurance can provide.
One of our main goals is to help our readers recognize the importance of having a reliable life insurance policy explained to them by a local independent insurance agent at Community Insurance & Associates. Below are 6 important things you didn’t know about life insurance.
- A life insurance policy can be used to help fund a college education. Most policies accumulate cash value over time and in turn you can borrow borrow against the cash value in order to pay for post-secondary education.
- The death benefits from life insurance are probate-free. This means, if you were to pass away, beneficiaries would not have to go to probate court to receive any life insurance benefits.
- You have the option of using death benefits to pay for your basic living expenses if you were diagnosed with a terminal illness.
- You can use the cash value of your life insurance policy to fund the start-up for your business.
- Life insurance policies provide you with safety meaning you will have more freedom with the allocation strategy in your 401(k). If you use the cash value benefit in your life insurance policy to fund the first couple years of retirement, it will allow more time for your 401(k) to grow.
- A life insurance policy is a good planning tool that allows you to have the confidence to plan for things like college or a mortgage.
If you have any questions about obtaining a life insurance policy, do not hesitate to give us a call today. A local independent insurance agent at Community Insurance & Associates would be happy to assist you and help you find the best life insurance options that work for you.