When I bought my life insurance policy years ago, I wasn’t thinking I would use it as retirement income or even think of using it myself in life. The agent did say I could borrow against the cash value if I needed to for certain life events, but I always assumed my life insurance policy was for those I leave behind. That was a long time ago, and a whole other insurance policy. I hadn’t started talking to my friends at AC Financial, who gave me a different perspective on what life insurance can do for me while I’m living.
One of the first things I learned was that if I become critically ill or disabled and can’t work for some reason, with the right riders, my life insurance policy can become an income protection tool. My bills will be paid and we won’t lose our home. It’s tragic to watch one of my friends as she goes to her weekly chemo treatments and then struggles to work because she is her own provider. She isn’t the only one I know in that situation and critical illness policy or rider would make all the difference. It didn’t take much convincing for me.
I have another friend who is trying to wade through the Social Security Disability system and getting little to no where fast. He has nearly depleted his 401K, and isn’t even 57 years old. His ability to work at the job he loves has been lost due to an injury and yet, a disability rider on his life insurance policy would have given him some peace of mind, the ability to take the time off he needed and saved his retirement account. Again, it didn’t take much convincing.
When I look back at my old life insurance policy, I see it with different eyes. I see the potential it has built in. I’ve re-read what’s in the riders and can see now it’s potential even for my retirement. I have also added a few things to my insurance portfolio to protect my income. The potential for cancer, stroke and heart attack aren’t something I want to think about, and accidents and injuries are not in the forefront of my mind, but saving my retirement is.
Let an AC Financial Advisor show you how to get the most from your life insurance in life. Call 800-564-3136 for more information.