Avail of Life Insurance Plans That Do Not Expire
One of the newer kinds of permanent life insurance policy insurance is called Indexed Universal Life (IUL) insurance or cash value policy. Depending on the issuing company, the policy offers the following benefits:
- The policy has the potential to accumulate cash value over a period of time. The policy uses the stock indices such as the S&P 500, Hang Seng, etc.) as a basis to calculate the amount of money to be credited to the insured policy.
- Certain policies offer either Living Benefits or Long Term Care (LTC) rider – this means death benefit could be accelerated or in simpler words, the insured could request a portion of death insurance benefit to be used for long-term care protection under certain conditions.
- Other policies allow accelerated benefits to be given when the insured is afflicted by a critical illness such as a stroke, cancer, heart attack, etc.
- Tax-free loans and withdrawals, and tax deferrals on earnings.
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