The diverse benefits of life insurance
Women have made tremendous strides in the workforce, and their earning power is at an all-time high. However, this greater economic power also means more responsibilities. Purchasing a life insurance policy is one small, manageable step you can take to protect yourself, your family and your wealth.
What life insurance can do for you and your goals
When considering life insurance, it’s important to understand how each product’s benefits can address your needs. Did you know life insurance can do more than pay out a death benefit? With the right products, you can use your life insurance policy to not only protect what matters most, but achieve your financial goals. Life insurance can:
Provide peace of mind
If something were to happen to you, your life insurance policy would provide your family or beneficiaries with a lump sum death benefit. This money can cover funeral expenses, mortgage payments, outstanding debts or medical expenses. It can also help pay bills and generate income for your family or beneficiaries. Knowing those you love most will be taken care of if something happens to you is the greatest benefit of all.
Help pay for college educations or secure your spouse or partner’s retirement1
With permanent life insurance, part of your premiums are invested, and some can be borrowed tax-free for retirement and college. Plus, these life insurance cash values aren’t included in calculations for college financial aid, so they won’t interfere with your qualifications.
Provide living benefits you can use during your lifetime
As you pay the premiums of a permanent life policy, the cash value builds and you can access those funds via policy loans. You can use these tax-free withdrawals to buy a home or even supplement your income without increasing your tax bracket. Also helpful, withdrawals and loans from life insurance policies are exempt from Medicare surcharges. Something to keep in mind: loans accrue interest and decrease the policy’s death benefit and cash value.
Leave a lasting legacy
Life insurance can create a financial legacy for your kids, spouse or partner, or even a charity.
Choosing a product
Equitable offers an array of life insurance products built to address your needs. So whether you are interested in an affordable permanent life insurance policy or building cash value while providing protection for your family, Equitable’s selection of products can address your needs.
As a strong woman with growing economic power, it’s important to take steps to protect yourself, your family and your wealth. Your Equitable financial professional can help you decide the products that are right for your specific needs and goals.
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