Can I Use My Life Insurance Money While Alive?

Get the Most Out of Your Life Insurance Policy

“Hey, Alan! Can I use my life insurance money while alive? Or will my family have to wait until I pass away to access that money?”

KEY TAKEAWAYS

  • Can I use my life insurance money while alive? Yes! Most policies allow you to access certain benefits while you’re still alive.
  • Life insurance is a type of insurance policy that offers financial support to your family members after you’ve passed away.
  • Life insurance typically comes with two kinds of benefits: death benefits and living benefits.
  • Living benefits allow you to access your life insurance money while you’re still alive, while death benefits can only be access by your family members after you’ve passed away.
Can I Use My Life Insurance Money While Alive? - Alan McDaniel Agency

Hello again, proactive planner! As per usual, that’s a great question. If you’ve been asking yourself, can I use my life insurance money while alive, then you either have life insurance right now or you are about to invest in a brand-new policy. Either way, you’ve made the right decision, and you’re very wise to ask how your policy works! So, let’s talk about your policy and how you can get the most out of it.

New around here? Welcome! My name is Alan McDaniel. I’ve been a certified insurance professional for over 20 years, and I’m passionate about helping people make better insurance decisions for themselves and for their loved ones. So, in this week’s post, we’ll answer that very important question of yours: can I use my life insurance money while alive? Then, I’ll tell you how you can claim a free policy comparison with a licensed insurance professional!

More on that in a minute. First, let’s go over the basics.

Hello again, proactive planner! As per usual, that’s a great question. If you’ve been asking yourself, can I use my life insurance money while alive, then you either have life insurance right now or you are about to invest in a brand-new policy. Either way, you’ve made the right decision, and you’re very wise to ask how your policy works! So, let’s talk about your policy and how you can get the most out of it.

New around here? Welcome! My name is Alan McDaniel. I’ve been a certified insurance professional for over 20 years, and I’m passionate about helping people make better insurance decisions for themselves and for their loved ones. So, in this week’s post, we’ll answer that very important question of yours: can I use my life insurance money while alive? Then, I’ll tell you how you can claim a free policy comparison with a licensed insurance professional!

More on that in a minute. First, let’s go over the basics.

How does life insurance work?

If you’re already pretty familiar with the ins and outs of life insurance, then feel free to skip ahead to the next section. But for those of you who don’t have much experience with these policies just yet, here’s a quick rundown on what it is and how it works:

In a nutshell, life insurance is a type of insurance policy that offers financial support to your loved ones after you’ve passed away. It’s one of the best and only ways to provide for your immediate family members after you’re no longer here to provide for them financially. This type of policy allows you, the policy owner, to build cash value that accumulates over your lifetime. Not only that, but most life insurance policies come with two types of benefits: living benefits and death benefits.

Death benefits are paid to your designated beneficiaries after you’ve passed away. If you have a “term” policy, then death benefits are only paid to your beneficiaries if you pass away within a designated period of time, which is outlined on your policy. If you have a “permanent” policy, though, then death benefits will be paid to your beneficiaries regardless of when you pass away.

Living benefits, on the other hand, allow you to access your funds before you’ve passed away. These are separate from your policy’s death benefits.

So, can I use my life insurance money while alive?

The short answer is, yes! Most life insurance policies do in fact come with “living benefits”, which means you’ll be able to access your funds while you’re still alive if you need to. Living benefits are outlined in your policy, so it’s best to assess the living benefits ahead of time before you purchase the policy.

Not sure if your policy comes with living benefits? Or maybe you’re interested in comparing policies so you can assess your options for living benefits before you purchase a policy? Either way, I’d be happy to help!

Like I mentioned earlier, I’ve been a certified insurance professional for over 20 years, and I’d love to help you weigh your best options for life insurance. If you’ve been asking yourself, can I use my life insurance money while alive or is it true that I life insurance can only be accessed after death, then I’d be happy to answer all of your questions for you. I’ll even offer you a free policy comparison so you can compare multiple policies or find out if your current policy is up to snuff!

Request a free policy comparison today to get started!   

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