How Can Life Insurance Benefit The Living Insured?

It’s a most misunderstood tenet of life insurance that it only pays out when the insured passes on. Actually, "life" insurance means for your life. 

We mean that those insured can enjoy the benefits of a life insurance policy during their lifetime without touching the death benefits. From using the policy as collateral on a loan to using it to pay for long-term care, life insurance policies are about life and death.

For What Could You Use The Money?

The policy’s cash value reverts to insurance companies such as Southwest Insurance Center upon the insured’s passing. If you don’t use the money, you’ll lose it. 

For example, assisted living isn’t the only expense seniors face as they age. In-home nursing care, adult day care, and nursing homes are just a few examples of the uses to which life insurance monies can be put.

What You Should Know About Life Insurance

There are ways to customize or optimize a life insurance policy to suit the changing needs of the insured:

• A waiver of premium rider removes the policyholder’s need to make premium installments if the insured becomes disabled.
• A disability income amendment pays the insured monthly if the insured can’t work for a long time due to a debilitating injury.
• If the insured is diagnosed with a terminal illness, an accelerated death benefit endorsement permits the insured to claim the complete death benefit. 
• A portion of the accelerated death benefit amendment is the long-term care endorsement that can pay for nursing, long-term care homes, and nurse’s aides for at-home care.

Losing a parent or spouse in Austin, TX, or anywhere else is devastating. Southwest Insurance Center is here to mitigate the devastation with life insurance. Give us a call or drop in the office to learn more about it.