More Ways To Use Life Insurance In Your Later Years

Senior life insurance – man working

When it comes to solving problems in your life, it’s amazing how many ways having a life insurance policy can help you. Here are three ways to use a life insurance policy you probably never considered.

When you think of buying life insurance when you’re older, it’s often to make sure your family isn’t burdened by things like funeral costs or medical bills after your passing. But there are other reasons to consider a later-in-life insurance product like Gerber Life’s Guaranteed Life Insurance.

1. Give yourself an emergency fund

With a whole life insurance policy, the longer you have your policy, the more your cash value account grows. And it grows tax-deferred. That means after a few years, you could have a nice little pool of money that you can borrow from anytime, no questions asked.

 

2. Making sure all your family members are taken care of

When you have more than one family member you want to leave something to, you can set up multiple beneficiaries for your death benefit payout. And you can divide that payout however you want between them. One example of how this might come in handy is if you want to give your car to one family member. Instead of risking potentially hurt feelings from other family members that didn’t get your car, you can instead give them a greater share of your insurance payout to balance things out.

 

3. Give something to your favorite charity

Speaking of having multiple beneficiaries, did you know one of those could also be an organization or charity that you’d like to support? It’s true. And just like your other beneficiaries, they’ll receive their pay-out 100% tax-free!

If you have questions about how our Guaranteed Life Insurance can help you, call us at 1-800-704-2180.  

 

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