Versatile Life Insurance

When life changes, your insurance needs may change, too. Your life insurance policy, depending on the type, may help you deal with these changes. From increasing or decreasing benefits to switching policies and even borrowing from one, your life insurance professional can help you through the tough times of your financial life.

More Protection

When your family grows or you assume other financial obligations, you may want to purchase extra life insurance.* You can usually purchase paid-up additions for a whole life policy, increasing its cash value, dividends or death benefit in the process.

Different Coverage

With a term conversion rider, you have the right to switch to a whole life insurance policy for free, often without underwriting and within a contracted timeframe. Switching insurance providers is a different story. Such swaps can carry heavy costs, so do so carefully after thorough research.

Trying Times

There are dozens of types of riders that can be added to a policy for an additional fee. Three, in particular, may be useful during trying times.

An accelerated death benefit rider is available for insureds suffering a terminal illness, releasing a portion of death benefits while alive. A critical illness rider also releases some death benefits to those suffering from cancer, heart attack, stroke and other serious diseases. A long-term care rider releases some benefits for qualified long-term care expenses.

Financial Troubles

If you need cash because of unexpected financial woes, withdrawing available cash credit can help. Better yet, take a loan on a whole life policy, if available. Rates are typically competitive.

More Retirement Income

Withdrawing whole life insurance cash value** can supplement your retirement income, especially if you don’t mind the decreasing death benefit that usually results. This, however, is a time when life insurance needs often change.

Leaving a Legacy

Life insurance death benefits are generally income tax-free, thus some people use this vehicle to leave a financial legacy to loved ones and charities.

* 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.

**Cash value may be accessed through loans and withdrawals, which will reduce the policy’s cash value and death benefit and increase the chance that the policy may lapse.