Variable Life Insurance
When you are grieving, you and your family shouldn’t have to concern yourselves with money matters. Medical expenses, funeral preparations and lost income can all significantly impact your financial situation. Fortunately, these difficult times can be somewhat more manageable for those with adequate life insurance.
What Is Variable Life Insurance?
Like all life insurance policies, one of the critical components of variable life coverage is a lump sum cash payout provided to beneficiaries following the death of the insured. This influx of cash can be integral in helping you or your loved ones manage finances amid difficult times. Beyond that, part of your premium payments will be allocated to help the policy grow its cash value. This is where variable life coverage offers unique opportunities.
Variable life insurance can offer a unique package of coverages and benefits to protect beneficiaries in the event of the policyholder’s death, while also providing flexibility during the policy’s term. Specifically, variable life policies can include:
- Flexible customization—Policyholders can work with their providers to augment their coverage with additional features and riders.
- Greater growth—One of the most distinctive features of variable life insurance is its access to aggressive investment opportunities. This can lead to your policy earning greater cash value at a faster rate.
- Tax advantages—It may be possible for policyholders to withdraw or draw loans against their policy’s cash value without paying the same taxes as they would on regular income.
- Retirement savings—A variable life policy offers an additional way to build savings for those already contributing the maximum to their retirement funds.
Get the Right Coverage
The death of a loved one is already a tragic situation, but it can also lead to significant financial struggles for those left behind. Acquiring the right variable life insurance coverage can be an invaluable way of providing comfort and security for you and your loved ones.
Our agents are ready to help you start building a policy to suit your needs. Contact R Hobbs Insurance today to receive a quote and learn more.