Changing Priorities

You might have originally purchased a life insurance policy* to protect your young family from the loss of your income in the event of your death. But what if you no longer need that protection? Life insurance is versatile and can play a variety of roles in a financial plan. Consider how such flexibility could benefit you and your loved ones.

Tap Your Policy’s Cash Value

You can supplement your retirement income by accessing your permanent policy’s cash value or borrowing against it. Remember that loans and withdrawals may reduce the amount of the policy’s death benefit.

Add a Long-Term-Care Rider

This rider allows you to use a portion of the policy’s death benefit to pay long-term-care expenses. When applicable, adding a rider to your policy may be more affordable than buying a stand-alone long-term-care policy. The death benefit is reduced only if you use the coverage.

Include an Accelerated Death-Benefit Rider

You can use the policy’s death benefits if you’re diagnosed with a terminal illness that will substantially shorten your life. Using the benefit will reduce the death benefit for your beneficiaries.

Leave a Legacy

Life insurance can be used to benefit loved ones or to make a charitable donation to an organization that’s important to you.

Replace Lost Income

Social Security and pension benefits typically stop at your death, potentially leaving your spouse with an income deficit. Life insurance proceeds can make up the shortfall.

Pay Final Expenses

Life insurance proceeds can be used to pay your funeral and burial expenses.

*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. Accessing cash values may result in surrender fees and charges and may require additional premium payments to maintain coverage and will reduce the death benefit and policy values. Guarantees are based on the claims-paying ability of the issuer. Riders may incur an additional premium. Rider benefits may not be available in all states. Riders that pay benefits for events other than death will likely reduce the policy’s death benefit and cash value.