Real Life is a podcast about life, death, and expecting the unexpected. This podcast is our way to help people share their stories and get others thinking about protecting the people they care about.
Many families need life insurance as income protection to insulate them against tragedy. However, there are many other reasons that people purchase life insurance policies.
In this episode, Chuck and Eric once again welcome Lauren Wright, VP of the Financial Professionals Group, about the lesser-known reasons that many people look into buying coverage.
Besides income protection, we list and explain four other reasons that someone would want to buy life insurance. We covered:
- Using permanent life insurance to supplement retirement income while you’re still alive via policy loans.
- Using a long-term care (LTC) rider on a policy to allow you to pull money from your death benefit and help pay for medical expenses during a chronic or fatal illness.
- Key Person coverage for businesses and shareholders to replace the value of critical members of their organization and give the company time to hire an equally skilled person to fill the gap left behind.
- Buy/Sell agreements, in which a shareholder in a company has a policy that pays other shareholders the required funds to buy out the deceased’s shares, which helps avoid those shares being passed into the estate of the deceased.
There are many reasons why someone would protect themselves or their families with life insurance coverage. What’s your reason?