Cash Value Life Insurance

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Cash Value2016-11-01T12:29:06+00:00

Maximize Your Cash Value Growth.

While the death benefit on a life insurance policy can be used for a variety of purposes, today’s cash value policies can be structured for taking care of a number of additional financial needs.

Due in large part to the tax advantaged status of these plans, cash value life insurance can be used for providing you peace of mind during your lifetime, too – provided that the right type of policy is purchased for the needs you have in mind.

Local Life Agents knows exactly how to maximize cash value polices by finding which life company can offer the lowest cost of insurance and the most aggressive rate of return.  If your goal is growing cash value then you’re going to want our help.

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Types of Cash Value Life Insurance Policies

There are different types of cash value life insurance policies. When looking at the two primary categories of life insurance – term and permanent – permanent policies build cash value and term policies do not. Within the permanent policy category, there are:

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How Do Life Insurance Policies Build Cash Value?

The cash value within a life insurance policy can accumulate somewhat differently – depending on the type of policy that you own.

Overall, however, when a premium payment is made into a permanent life insurance policy, a portion of the premium will be put towards the policy’s death benefit. Another portion will go towards the policy’s cash value.

Over time, as the policy holder continues paying premiums, the cash will earn more interest, in turn allowing the cash to grow throughout the years.

In addition, because the cash value is allowed to grow on a tax-deferred basis, it can compound even faster than a taxable savings vehicle. This is because there is no tax due on the gain until the time it is withdrawn – therefore allowing gains to be earned on top of gains.

Advantages of Owning a Cash Value Life Insurance Policy

There are a number of benefits to owning a cash value life insurance policy – especially after a sizeable amount of funds has built up inside the cash value component. These can include:

  • Paying the policy’s premium
  • Supplementing retirement income
  • Building up additional savings
  • Withdrawing funds for paying off high interest debt
  • Borrowing funds, often at a lower interest rate than that offered by banks or mortgage companies

When deciding on the best cash value life insurance policy for your needs, working with an independent agent is often the most sensible way to go. This way, you will be able to directly compare a variety of policies, benefits, and premiums from multiple insurers and then determine which of these will work the best for you and your specific needs.

If you’re ready to move forward and see how your life insurance can be used for more than just a tool for protecting loved ones in the future, contact us.