Life Insurance - Extra Cash When Times Are Tough
Life Insurance - Extra Cash When Times Are Tough
A permanent life insurance policy that a person has been paying into for a number of years can provide them with a means to get emergency cash without having to deal with a bank. Not all insurance policies provide individuals with accessible cash, however. For example, term life may provide essential piece of mind but they cannot be used as a way of getting money when times are tough. A permanent life insurance policy that also has an accessible cash value works a lot like a savings account in that a person pays in every month and a portion of their money goes into a fund that can be accessed.
In order to determine whether or not the life insurance has any money available, a person must first make sure that they have the right kind of life insurance policy. A typical statement will provide information like the payment, interest rate, death benefit, and cash value. Completely cashing out a policy may incur some fees depending on the insurance company and the type of policy. In many cases it may not be necessary to completely cash out the policy if it is worth more than the amount of money needed.
Permanent life insurance policies that carry a cash value are not only valuable for the policyholder's beneficiaries once the insured individual dies; they can also be a valuable source of income during retirement. Many individuals with these types of plans, specifically universal and variable plans, use them as an investment vehicle in order to provide a little extra cushion in their later years. It is well worth checking with the insurance company to see exactly what the terms are for cashing out all or a portion of a life insurance policy. It may be possible to basically borrow money from the plan and pay it back over time. Itg is wise to check around and see what is out there.
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