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Permanent life insurance policies (whole, universal, and variable) accumulate a cash value over time, which policyholders can borrow against or withdraw, although it may reduce the death benefit. Riders and Add-ons: Policyholders can customize their policies with additional benefits or options, such as: Accidental Death Benefit Rider: Provides extra payout if death results from an accident. Waiver of Premium Rider: Waives premiums if the policyholder becomes disabled. Critical Illness Rider: Offers a lump sum if the policyholder is diagnosed with a specified critical illness. Long-term Care Rider: Covers long-term care expenses. Benefits of Life Insurance Financial Security: Provides financial stability and support for dependents, helping them manage living expenses, debts, and other financial obligations after the policyholder’s death. Debt and Expense Coverage: Helps cover outstanding debts (e.g., mortgage, personal loans) and final expenses (e.g., funeral costs), preventing financial burden on the family. Estate Planning: Facilitates estate planning by providing liquidity to pay estate taxes and other expenses, ensuring a smooth transfer of assets to heirs. Peace of Mind: Offers peace of mind knowing that loved ones will be financially protected, allowing the policyholder to focus on other priorities in life. Tax Benefits: Death benefits are generally paid out income tax-free to beneficiaries. Cash value growth in permanent policies is tax-deferred, and loans taken against the cash value are typically tax-free. | |
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Target State: All States Target City : All Cities Last Update : Jun 14, 2024 9:05 AM Number of Views: 85 | Item Owner : wdariusf Contact Email: Contact Phone: (None) |
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