Outdated Life Insurance

By: radames
Posted April 8, 2017
Posted in LIFE

Outdated Life Insurance Can Hurt You

If your life insurance policy doesn’t allow you to tap into the death benefit to help pay for things like the mortgage, health insurance or groceries, then it may not be working as hard as it could.

You may be familiar with how life insurance works. Generally, you pay a small premium for the instantaneous creation of a large death benefit when you die.

What you may not have heard from the agent or company that sold you the policy that you have now, (perhaps for years), is that the same death benefit can now be used by you.

These life policies pay a living benefit while you are still alive and they do so with the same small premium as your traditional life insurance policy.

Modern Times, Call for Better Life Insurance Solutions

Let’s explore some personal stories on how life insurance made a positive difference in the lives of people, while they were still alive.


Married with a young child, Santiago was diagnosed with cancer at age 44. He has a $500,000 death benefit and chooses to advance himself $300,000 from the policy’s death benefit. He used the money to setup a college education fund for his child, paid off the remaining mortgage on the family home and used the remaining portion to purchase a fixed amount annuity with a refund option. He uses the annuity money to replace his lost income from work. In addition to meeting his expenses, the income allows him to maintain his health insurance which he had lost after losing his job.


Myra is a 75 year old widow. She has suffered a great deal of physical and mental deterioration after being the primary care giver to her late husband and becomes chronically ill. She is fortunate enough to have a daughter that wants to take her in to live with her. Myra’s daughter does not want to see her go to an assisted living facility. She uses the chronic illness benefit to get $40,000 a year from her policy. The money is used to take care of Myra and to help her daughter with the added expenses of having Myra at home.


Freddie, a successful small business man, is confronted with a life ending medical condition at age 55. He calls his agent for advice about his life insurance policy. The agent lets him know that he has the terminal illness benefit that allows him to accelerate the death benefit. The agent explains that Freddie can use the money any purpose. By using the money from his policy, he is able to plan an exit strategy for his business. He meets with an attorney and puts together a buy-sell arrangement for the sale of the business. As a result, his family doesn’t have to worry about running a business, plus they now have the proceeds from the life insurance policy.

Knowing you have life insurance is not good enough anymore. If you don’t have living benefits included with your policy, you could be missing out on the greatest opportunity to use your own life insurance benefits.

Imagine the security of knowing that you can be protected before and after you die.

Take care of your needs now and provide for your family when you can’t.

Now that you know that life insurance is not just about dying, but living better while you’re alive, make the move.

Get in contact with an agent or company experienced in life insurance with living benefits.

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