Does Your Life Insurance Cook, Clean, AND Do the Laundry?

We live in a multi-purpose world. We don’t have time for slackers! If you have a really nice gadget but ALL it does is clean your toothbrush, we need to upgrade that to make sure it cleans the bathroom… and irons tomorrow’s outfit, to boot 😃

Life moves faster than it used to, and more than anything, we crave efficiency. We want more time, more money- and we want to put less effort into getting more of those things into our lives ⌚️💵

Enter stage right: the New kind of life insurance. Your grandparents’ life insurance was the Old kind of life insurance- it only did one thing: it paid your beneficiaries if you died. You paid into it faithfully, and it never helped you while you were alive. That was fine back then- people wanted to leave a legacy to their children 👶 👦 👧

That’s not the way things work today. The cost of living is proportionally higher, wages vary wildly between industries and companies- and unexpected losses and medical expenses take a big chunk out of you at the worst time possible 😫

Leaving a legacy would be great, sure! But most people worry about “running out of money before I kick the bucket”, not “taking care of my family” afterwards 🤔

The New kind of life insurance does not one, but three things for you:

1. Your policy pays when you become immortality-challenged 👻 By definition, life insurance has always done that, and always will. It’s a good thing to have in your back pocket, but not something anyone will look forward to! Enter advantage #2:

2. You get paid you if you live too long. You can build up cash value in your policy- it’s protected against loss- and access that money in your golden years- tax-free, if you’re careful 😀 💰
   Insurance companies have been plagued by how to do this, to provide the best growth opportunities for building this value- and they’ve finally found a winning solution. Like every other financial vehicle, life insurance has evolved over time. The earliest policies were actually marketed as “death insurance”, and oddly enough, no one ever bought those 🤣
   So insurance companies evolved over time, and your grandparents’ insurance may have offered some cash value- but today, your money can grow with the value of the stock market, and you are completely protected against downturns! This is a pretty recent development, and an incredible benefit.
   Speaking of benefits, insurance companies now offer…

3. Living Benefits pay you if you live. A Living Benefits program pays you a huge portion of your death benefit if you live through a major medical event. Medical technology has advanced, and there are a lot of things that won’t kill you… but they’ll make you really sick for a really long time. How do you pay your bills while you can’t work and are recovering? How do you feed your family with no job? Enter Living Benefits.
   Living through a major medical issue can bankrupt you. Living Benefits helps you avoid that- providing a huge, lump-sum, tax-free amount of cash- so you don’t have to deal with financial stress on top of recovering from your medical issues.
   Living Benefits claims outnumber “kicked the bucket” claims tenfold. These policies definitely pay you- and they’ll pay you when it will help you avoid financial hardship 😅

So do you have the Old kind of life insurance, or the New kind?

Maybe the old kind… probably the old kind. (Sorry to be the bearer of bad news) 😥

If your policy is over 5 years old, you are definitely getting benefit 1 (Pay Out When You Kick Your Oxygen Habit), and perhaps benefit 2 if you’re lucky- that’s if you had a great agent, and if your life situation hasn’t changed drastically since you opened your policy.

If your policy is less than 5 years old, you may be getting all three of these benefits! But check carefully with your money person- how much cash value can you expect to accrue? Ask for a refresher. And Living Benefits are somewhat new on the scene, and not widespread. Make sure that your Living Benefits cover terminal illness, chronic illness, critical illness, and critical injury! ❓👩🏼‍💻

The New kind of life insurance is drastically different from the Old kind- make sure that your insurance is doing everything you want it to 😁

Now That’s Smart Money 🧐