This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing the benefits that life insurance policies can provide while the policyholder is still alive:
When thinking about life insurance, you might focus on the death benefit that can be used for income replacement, business continuation, and estate preservation. But life insurance policies may include other provisions that allow you to access some or all of the death benefit while you are living.
These features are often referred to as living benefits, which are usually offered as optional add-ons called riders.
Some living benefit riders are added to a life insurance policy at no additional cost. Other riders are optional and come with an added cost to your basic policy premium. Living benefits vary depending on the type of life insurance and the company issuing the policy. Generally, living benefits are available to the policy owner, but using your living benefits will reduce the life insurance death benefit available for policy beneficiaries.
However, most riders let you take a portion of the total amount available — you don’t have to take the full amount, so you can preserve a portion of the…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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