One of the biggest misconceptions about life assurance is that it only benefits your beneficiaries after your demise, and you have no direct benefit whatsoever. In reality, life assurance offers a wealth of advantages for you throughout your lifetime and the belief that only your beneficiaries get to enjoy the goodies that comes with a life assurance is only a myth.
5 benefits of life assurance for the living.
Supplemental Retirement Income: When you retire, you can access your cash value to supplement your pension or other retirement savings.
Financial Flexibility: The cash value in your policy provides a source of funds for unexpected expenses or major life events.
Living Benefits Riders: Many whole-life policies offer optional riders that provide additional benefits while you’re alive. These can include coverage for chronic illness, critical treatments, or long-term care.
Potential for Dividends: Some types of life assurance policies, particularly participating whole-life policies, may pay dividends to policyholders. These dividends represent a portion of the insurer’s profits and can be used to increase the policy’s cash value, purchase additional coverage, or receive cash payments.
Peace of Mind and Legacy Planning: Life assurance offers peace of mind to the policyholder, knowing that they have taken steps to protect their loved ones financially. It also allows them to leave a lasting legacy by ensuring that their beneficiaries are provided for after their passing. This sense of security and legacy planning can enhance the overall well-being and satisfaction of the policyholder.
Conclusion
Life assurance goes beyond simply providing a death benefit. It’s a versatile financial tool that offers security, builds savings, and provides peace of mind throughout your lifetime. If you’ve overlooked life assurance in the past, it’s time to reconsider.
Talk to PRA Insurance Brokers to learn more about life assurance and explore the options that best suit your financial goals.