The Larger Scope of Life Insurance: 10 Things You Didn’t Know Life Insurance Could Do

Dear Friends,
We hope you are having an enjoyable summer and getting some sunshine.
We recently saw an article on life insurance in US News and World Report and felt it was so well done that we included part of it here with a link to the whole article. Life insurance is one of the most misunderstood financial devices and this article does a great job showcasing the large scope it can potentially provide.

Life insurance seems like a straight-forward financial product. Insurance companies receive premiums and in exchange they pay out a death benefit to policy holders' beneficiaries. However, these plans can offer many more benefits than a death benefit.

"There are a lot of options – much more than people realize," says Cliff Wilson, chair of the board of directors for Life Happens, a nonprofit that educates the public on insurance matters. Some policy perks are geared toward certain populations, such as the USAA Military Future Insurability Rider, which lets service members convert a military policy upon retirement. But other life insurance perks can be had by virtually anyone. Read the full article here for details via US News.

10 Things You Didn’t Know Life Insurance Could Do
1. You can have a special rider to pay for long-term care expenses. 
2. Provide benefits if you're terminally ill. 
3. A source of cash if you're disabled.  
4. Give one last gift to a favorite charity. 
5. Provide you access to cash so you can ride out a bear market. 
6. Minimize your taxes in retirement.
7. Insure the life of a child.
8. Cover a child's college tuition costs. 
9. Have your life insurance premiums waived if you get disabled and cannot work. 
10. Return all your premium dollars if you don't die during the term of the insurance contract. 
Read the full article here for details via US News