The question that commonly faces those in the retirement zone is: What should be done with my life insurance policies? And, should I consider putting money into a new plan?Typically, we have been indoctrinated to understand that life insurance is intended to replace income when there are dependents who would be impaired if the breadwinner passes on. Who would make the mortgage payments, bring home the bacon, pay for education, etc? These are valid reasons for carrying life insurance protection that may no longer be true for seniors, and may lead one to terminate coverage, and thus reduce the outlay required to maintain the coverage in force.Over the last few years, there have been significant changes in the life insurance industry that should be evaluated. In short, these changes have made life insurance benefits available to the insured while still alive. Known as ‘accelerated benefits’ , these innovations first became commonly available some years back as a offer to advance a portion of the life insurance face amount if one were to be pronounced ‘terminally’ ill. In other words, if a doctor certified that your life expectancy was 24 months or less, you could be advanced up to 50% of… Read full this story
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