Having a personal permanent life insurance plan – especially for seniors – offers several significant advantages over relying solely on an employer-provided plan that expires at retirement. Here are some key reasons why having a personal permanent life insurance plan is important:
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1. Lifelong Coverage: A personal permanent life insurance plan provides coverage for your entire lifetime, as long as you continue paying the premiums. This means your loved ones will receive the death benefit whenever you pass away, regardless of your age at the time.
2. Control and Flexibility: With a personal permanent life insurance plan, you have full control over the policy. You can choose the coverage amount, beneficiaries, and even adjust the policy as your circumstances change. This flexibility allows you to tailor the plan to meet your specific needs.
3. Portability: Unlike an employer-provided plan, a personal permanent life insurance plan is not tied to your employment. It remains in effect even if you change jobs or retire. This portability ensures that you maintain your coverage and have financial protection regardless of your employment situation.
4. Cash Value Accumulation: Permanent life insurance policies often include a cash value component. Over time, a portion of your premiums accumulates as cash value, which grows on a tax-deferred basis. You can access this cash value through policy loans or withdrawals, providing you with a valuable financial resource during your lifetime.
5. Estate Planning Benefits: Personal permanent life insurance can serve as a crucial element of your estate planning strategy. The death benefit can help your loved ones cover various expenses, such as funeral costs, outstanding debts, estate taxes, and even provide an inheritance or income replacement for your beneficiaries.
While employer-provided life insurance plans can be a valuable benefit, they typically offer limited coverage amounts and terminate at retirement. Having a personal permanent life insurance plan ensures that you have reliable, lifelong coverage that you control and can customize to suit your evolving needs. It provides financial security for your loved ones and can play an integral role in your overall financial and estate planning.
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