3 Must-Know Facts of Life Insurance

Life insurance is one of the most overlooked insurance policies. However, it is also one of the most beneficial. It can provide a financial cushion for your loved ones in the unfortunate event of your passing. Keep these 3 must know facts about life insurance in mind when looking for a policy.

  1. Cash value loans. Some life insurance policies will allow you to take out a loan to finance anything from home renovations to medical bills. These loans are tax free since the IRS does not classify them as gains. If you pass away before you are able to pay back the loan, the beneficiaries will receive the benefits minus whatever is owed on the loan.
  2. Accelerated benefit rider. You are able to use part of the death benefits to pay for basic expenses if you are diagnosed with a terminal illness. Your beneficiaries will receive the death benefits minus the amount that you used for expenses upon your passing.
  3. Death benefits can be probate free. Life insurance policies will not go through probate court unless your estate is named as the beneficiary.

For the most comprehensive life insurance policy in the Monument, Colorado area, contact Warrior Insurance.

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