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Insurance for North Carolina State Firefighter Association

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At Insurance Specialists, Inc., we understand the main reason most people purchase life insurance is to provide their beneficiaries money when they pass away. However, there are two major types of insurance: term life insurance and permanent life insurance. While term life insurance provides protection for a certain amount of time and pays a beneficiary only if you pass away during that term, permanent life insurance provides lifelong protection if you pay the premiums.

Due to its lifetime coverage, permanent life insurance typically accumulates cash value. This enables individuals to take advantage of the expenses while they’re still alive.

Some things you can do with permanent life insurance include:

  • Pay for college – When your policy accumulates cash over time, you may borrow it to pay for college or any other secondary education.
  • Develop your 401(k) – Due to the financial security provided by your life insurance policy, you may be able to take a more assertive allocation strategy in your 401k investments.
  • Establish a business – It’s difficult to obtain a bank loan in order to start a business, which forces you to spend your own money or borrow from a friend.
  • Provide for an elderly parent – Generally considered family emergencies, it’s best to ensure you are financially prepared when this occurs.
  • Obtain funds for medication – If you become chronically ill, you may be able to receive medical treatment with money borrowed from you permanent life insurance policy.

In all honesty, you can use the money for anything you want. Whether it’s purchasing a house or taking a trip to another country, permanent life insurance enables individuals to experience the living benefits of their life insurance. It’s imperative to speak with your financial and professional advisors to see what’s best for you.

For more information about life insurance, contact us at (888) 451-0883 today.