Sentences with phrase «gain access to their death benefit»
They allow the insured to gain access to their death benefit prior to death.
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If you have already accumulated assets, you can subtract the amount of those assets from your total death benefit need, assuming they are somewhat liquid and wouldn't require a large amount of effort or loss in order to gain access to cash.
But what you gain is insurance that acts as an asset and that will grow in cash value and death benefit over time and allow you easy access to the funds for investments, paying off debt, or retirement planning.
If you have already accumulated assets, you can subtract the amount of those assets from your total death benefit need, assuming they are somewhat liquid and wouldn't require a large amount of effort or loss in order to gain access to cash.
Modified Endowment Contracts still offer a tax - free death benefit to the insured (this being their primary advantage over an annuity or other investment) but policy owners can no longer access their investment gains on a tax - free basis.
The policyholder gains access to the benefits when the policyholder is confined to a nursing home or a long - term care facility and can be expected to remain in this facility until death.
But what you gain is insurance that acts as an asset and that will grow in cash value and death benefit over time and allow you easy access to the funds for investments, paying off debt, or retirement planning.
As the cost of traditional long - term care insurance (LTCI) has dramatically increased, linked benefit and life insurance policies with riders that allow access to the death benefit while alive have gained a lot of attention as alternative strategies.