Life insurance is for the living, not for the ones that passed
Life insurance is not a one-size-fits-all. It has to be tailoredto the specific needs of each individual. But the most crucial part is that IT HAS TO MAKE SENSE FOR THE PERSON. This is why we focus on the life part and not so much on the passing away. The vast majority of the life insurance we offer has what is known as living benefits. In simple terms, these are ways that you can access your death benefits while you are still alive.
- Emergency Relief Access funds in the event of a qualifying medical emergency.
- Retirement Boost Leverage a potential source of retirement income when you need it most.
- Family Security Safeguard what matters most and leave a lasting legacy.
Imagine this: you're crossing a traffic light, whensuddenly, an irresponsible driver jumps a red light and crashes into you. After days in the hospital, the worst has happened: you are ALIVE, but now paralyzed due to a severe spinal injury,with significant motor difficulties.
Why is this the worst-case scenario, you might ask? Because not only are you facing a dramatically altered life, but your ability to work has been taken from you, making your income effectively zero. Meanwhile, your expenses have skyrocketed. Now, you require a custom vehicle, home modifications, specialized medical care, and ongoing therapy. Just when you need income the most, it's gone.
This is exactly what living benefits are designed to address. Living benefits provide financial support when a critical/chronical/terminal illness or severe injury disrupts your life, ensuring that you can still cover expenses and adapt to your new circumstances without the added burden of financial ruin.
More Benefits
Life insurance as a vehicle to a tax-free retirement:
You did not pass away at a young age, congratulations. Does that mean that you wasted all that premium money through the years? Nope, because if set up correctly, life insurance can be used to obtain tax-free and creditors-free money. Taking installments from your policy can give you access to the cash value of your policy and can help you supplement your retirement income.
Million dollar baby: give your child a head start in life
Life insurance can be used as a vehicle to accumulate wealth from day one of your life. For as low as 110 USD a month, you can make your kid a millionaire by the age of retirement. Some of our companies even guarantee a 0% return floor if the market goes negative (dot com, 2008, etc.). By the way, your child does not need to wait until retirement to access this money, it can be accessed through the entire life of the policy, although we do not recommend it, especially in the first 10 years. The more time you have to accumulate, the higher the effect of the compound interest gains
Here you can see an illustration of the possible returns for your child.
Life Milestones
What $110 a month can buy for your kid
EDUCATION
At the age of 25 (an average graduation age for bachelors), your child can have 63k to pay his student loans, instead of struggle to pay them back as like the majority of Americans.
| Age | Average Student Debt | Accumulated |
|---|---|---|
| 25 | $37,709.72 | $63,021.00 |
THE WHITE PICKET FENCE
The average age of a first-time home buyer is around 35 years old, and they usually put 34k towards their first house. Imagine the difference that having almost 4 times that amount can do for them.
| Age | Average Downpayment | Accumulated |
|---|---|---|
| 35 | $34,248 | $137,590.00 |
RETIREMENT
With this type of life insurance, your kid can access a tax and creditor free retirement fund of 1 million USD. This is money on top of your usual 401k that can be given by an employer or other traditional retirement vehicles.
| Age | Average Student Debt | Accumulated |
|---|---|---|
| 64 | $500,000 - $600,000 | 1 million plus |