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family posing togetherThe investment in life insurance is generally one focused on the death benefit, the amount of money paid to the beneficiary of the policy should the policy holder die while it is in place. Yet many life insurance plans offer a cash value. This means that the policy may be building actual value not just to achieve the final death benefit but also to provide the policy owner with funds during his or her lifetime. Before you buy your next insurance policy, take a closer look at what this may mean for you.

How Can Cash Value Life Insurance Help You?

Cash value life insurance builds value throughout the lifetime of the policyholder. You can then use these funds as a type of tax-sheltered investment. The earnings from the life insurance policy and the interest from it are not taxable. For many people, this provides an opportunity to make money without having to pay taxes directly on what is earned. This type of tax-sheltered investment allows you to have a fund that you can borrow from and use as a way to pay for policy premiums down the road, such as when you are in retirement and no longer earning an income. The earnings can also accumulate long term. If you do not access them during your lifetime and you die with the policy in place, the interest and other earnings are passed on to your named heirs as a part of your estate.

How Can You Obtain Cash Value Life Insurance?

Not all types of life insurance offer this benefit. Specifically, whole life insurance, variable life insurance, and universal life insurance are the most common types of cash value policies available. This type of policy is also called a permanent life insurance plan because it remains in place throughout the lifetime of the policyholder.

You can obtain this type of benefit from your life insurance policy if you select the right form. If you do not have this coverage but want to benefit from it, you can upgrade from a term life insurance policy into one with more room for you to grow and earn from your investments.

Learn the benefits of your policy. Call Salzberg Insurance Agency at (877) 757-6081 for more information on Florence life insurance.
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Salzberg Insurance Agency
249 East Little Creek Rd.
Norfolk, VA 23505-0649

Local: (757) 583-1828
Fax: (757) 587-7735
info@salzberginsurance.com
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