Access Your Living Benefits of Life Insurance

Access Your Living Benefits of Life Insurance

There are many benefits to Life Insurance, but did you know you could be accessing some right now? Rick A. Erickson, FIC, FSCP, and Financial Representative from Modern Woodmen joins us for another Financial Friday to educate people on the living benefits of permanent cash value life insurance. Watch […]

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This is a great one minute and thirty-six-second video talking about the living benefits of permanent life insurance policies.

When most people think of life insurance the death benefit is first thing that comes to mind. What they don’t hear much about is the living benefits a permanent policy has.

As the premiums are paid into the policy a portion of the those premiums begin to accumulate cash value. The accumulation comes in the form of investments made by the insurance company. The types of investments are for another post.

The point here is that as the cash value accumulates the owner of the policy can utilize the cash value. He or she can borrow the cash value for pretty much anything, including retirement income. As the funds are being borrowed they are not considered income and therefore, not taxed.

In addition to being able to borrow from the cash value, permanent policies also offer other benefits such as –

  • Accelerated Death Benefit Rider – may pay out a portion of your death benefit while you’re still alive. You could use the payout for things like medical expenses, among other uses, and when you pass away, your beneficiaries will receive a reduced life insurance benefit since you used a portion of the policy already.
  • Chronic or Terminal Illness – Very similar to the Accelerated Death Benefit Rider, you’re able to draw from the cash value and the death benefit early to pay for medical expenses and other living expenses.
  • Waiver of Premium Rider – is an insurance policy clause that waives premium payments if the policyholder becomes critically ill, seriously injured, or disabled. This way you still maintain the death benefit for your family.

These three are just a few of the riders available to you through a permanent life insurance policy. However, not all riders are offered by every insurance company and not all of them are free to you. Some of them do come with a cost.

For more information call 801-341-9416 or email To schedule your no-obligation, free of charge, confidential Zoom appointment, click the link below to show my calendar.

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