We spend a lot of time talking about how couples, families and businesses can protect their financial futures with life insurance. But what about if you are single—do you need life insurance, too?
When you’re just starting out, it often seems that a dollar never stretches far enough. And with new commitments, such as buying your first home or having children, comes the responsibility to make sure your loved ones will be provided for financially, no matter what life may bring.
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Once you hit 65 and retire, you don’t need life insurance, right? Not so fast! The traditional thinking about life insurance is that you only need life insurance when you have an income to protect, when you have a mortgage or when you have kids to support.
And while it’s true that having life insurance after 65 isn’t right for everyone, there are some good reasons you might want to consider it.
Permanent life insurance provides lifelong protection, as long as you pay the premiums. Because it is designed to last a lifetime, permanent life insurance generally accumulates cash value. That means there are some important living benefits to permanent life insurance, benefits you can take advantage of to fund life’s possibilities.
Here are five things you probably didn’t know you could do with permanent life insurance.