The Best Life Insurance Pays You For Surviving
Have you ever considered life insurance, but decided against it because all that money is just gone if you survive?
Life Insurance Can Make You Feel You’ve Lived Too Long
Surviving to old age is an admirable goal we should all strive to realize. But just in case we don’t, life insurance can be a real help to those we leave behind. The problem many people run into is that while insurance is affordable when you’re young, it can become incredibly expensive as you get older.
Many people find that the life insurance they could easily afford during their prime is entirely unaffordable when they need it most, in their elder years.
Don’t Let Your Investment Go Down The Drain
So why pay for something that you’ll probably never need when the chances are good that at the end of your term all that money is just gone forever? Luckily there’s a kind of life insurance where that money doesn’t need to just vanish. You can be insured, and get a payout even if you survive!
It’s called “money back life insurance,” and the name itself is a good hint at what makes it different.
How Does It Work Though?
The exact terms will be different based on your insurer and the package you choose, but in general, it works rather simply.
When you sign up for life insurance you’ll choose a term length, say 20 to 30 years. During that time you’ll pay into your insurance regularly as with any normal plan, but at the end of your term instead of having all that money go up in smoke, you’ll get a portion of it back!
But What If I Don’t Make It?
Of course, if the worst happens and you don’t make it to the end of your term, your insurance will be paid out to your loved ones just like a normal life insurance plan. The amount that you would have received back at the end isn’t deducted, and your family is still taken care of.
Assuming you make it to the end of your term, a good life insurance company can offer you a variety of options based on the plan you’ve chosen. Some plans will pay you directly a portion of what you’ve given them over the years, almost like you were putting into a savings account.
Alternatively, some plans will allow you to fund your retirement years, tax-free, without being disqualified from other programs like Old Age Security and the Guaranteed Income Supplement.
So How Do I Sign Up?
A qualified life insurance expert can help you find the plan that best fits your lifestyle. No one should lose out because they lived too long, so be sure to ask them about money-back life insurance policies, and make sure your investment doesn’t just disappear.
Whether you live to be 110, or the worst happens at a young age, with a good life insurance plan you’ll always have peace of mind.