What is Lifetime Protection and How Does It Work?
August 16, 2022
Imagine the relief you would have if you could invest in lifetime protection for yourself and your family. Plenty of life insurance policies require you to continuously maintain your investment by paying monthly or annual premiums, but if you seek a more secure solution, there are other options.
Lifetime Protection and The Advantages
A lifetime protection policy offers the same level of coverage — or better — than a traditional life insurance policy would provide. Rather than ongoing payment, though, it’s a one-and-done option that protects those you love the most.
Only Pay One Premium
If you’re wondering how lifetime protection works, one main factor sets it apart from other policies. Instead of a long-term commitment to pay a premium in continuous installments, lifetime protection policies allow you to pay a single premium and enjoy lifelong protection after that. Some products allow for 10 or 20 premium payments instead of a single payment and offer the same protection. You can choose the best policy suited to your family’s needs and budget.
Enjoy Cash Value
No matter what lifetime protection policy you opt for, you can enjoy one of the tremendous benefits of a whole life insurance policy — a cash value that you can easily borrow against. Because lifetime protection coverage often entails just one premium or several level payments, this cash value may accumulate more quickly than other whole life insurance policies. You can take out a loan to fund an array of expenses, including college costs, home updates, or mortgage payments.
Get Tax-Exempt Benefits
You’re investing in a life insurance policy because you want to protect your loved ones. If you pass away, you don’t want to leave them with a tax burden. Lifetime protection offers an untaxed death benefit. Beneficiaries should check their state and local tax laws or consult with a tax advisor to confirm whether their benefit is exempt. Beneficiaries will not be taxed when they receive a payout due to the policyholder's death.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.