You mean there is MORE?!!
YES! Aside from the ability to build cash value that you can leverage and use tax efficiently to pursue other opportunities or fund your lifestyle; depending on your provider, there are various additional living benefits that come with your policy. These vary by insurer but could include:
Riders - Other features can be added to your life insurance to cover additional risks. Some riders include critical illness, accidental death and dismemberment, children's insurance or various waivers. This provides more robust protection for you and your family.
Living benefits - tax-free access to your fund value upon disability due to a subsequent illness or injury. This is a nice feature to have as a back-up plan should other coverages become insufficient. This feature is typically available after the policy has aged for several years.
Compassionate assistance - this is the option to access a loan against your death benefit if diagnosed with a terminal illness or suffered a terminal injury and life expectancy is less than 24 months. This can positively impact standard of care and quality of life during the remaining months.
Access to virtual health care or second opinion services. This offers access to quick medical advice regarding chronic conditions or acute medical issues to supplement those available to us in our health care system.
Other complementary benefits offered by some providers include access to legal services, community volunteer grants, scholarship programs to mention a few.
The purpose of life insurance is to safeguard our quality of life... it's not just for dying. Use life insurance strategically to enhance your lifestyle and the lives of those you love.
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