How to Get the Most of Your Life Insurance Policy

Often underestimated, life insurance policies can actually do a lot for your financial freedom
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Often underestimated, life insurance policies can actually do a lot for your financial freedom and security. If you’ve been paying into a life insurance policy and aren’t really sure what you’re getting out of it, or if you’re facing a terminal illness and worried about meeting current expenses, read on.

Viatical Settlements


If you’re facing a terminal cancer diagnosis, for example, it’s possible you’ll want to look into a viatical settlement agreement with your life insurance policy company. These settlements mean lump sum payments in exchange for the company to take over your policy and eventually cash out on your death benefit. If you don’t have beneficiaries or need the money while you’re still living, this is a great way to make your life insurance policy work for you. Not only could a settlement like this help with the expenses of daily living, but the high medical costs you’re facing too. If you’re not sure, give a place like American Life Fund a call to find out your options.

Death Benefits


Many people don’t like to think about what life will be like after they’re gone. but if you already have a life insurance policy, odds are that you’ve given it at least some thought. Maybe you’re a parent with minor children. Have you looked at your policy lately to review what it will offer your next of kin beneficiaries after you’re gone? Maybe you’ll have an accident tomorrow. It’s important to know what your policy will cover.

For most, the lump sum death benefit will be the main thing your policy offers. Covering your funeral expenses and arrangements, your policy likely has add-ons like money your children or surviving spouse can use for educational expenses and ensuring a better quality of life for your surviving family members.



If you want to know more about what your policy can do for you and your loved ones, give your life insurance agent a call. One of the first things you’ll want to ask is about automatic and additional riders you’re eligible for. From guaranteed insurability to accidental death add-ons, asking about your options may mean an increase in premiums but the coverage you’ll be glad for.

Common riders include long term care coverage as well as child term coverages that will protect your kids should you die before they’re grown. If you have a terminal illness but are expected to live longer than the term of your policy, it’s important to know how you’ll be covered and the extra premium may be worth it.

Before calling to make changes or additions to your current policy, consider calling your financial advisor. A quick review of your current job, disability payments, and overall income and finances will help you know what you can afford and whether or not it will be worth getting the extra coverage.

In the end, life insurance policies often offer perks that people don’t think about. Built into our regular monthly payments or budgets, people don’t often take the time to explore how these policies can provide both security and peace of mind during and after our lives. If you are curious whether or not your policy is being used in the best way possible for you and your situation, be sure to give your life insurance company a call to review the perks and even add-on options.

While no insurance policy is entirely perfect, the life insurance coverage will buy you something many other types of insurances can’t — peace of mind. Give your agent a call and be sure you’re getting the best out of the coverage you have trading.