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What You Didn’t Know Life Insurance Could Do

Life Insurance Irving TXLife insurance is typically thought of as a death benefit, but it can actually cover much more.

There are two types of life insurance! Term life insurance provides protection for a specific period of time such as 10 to 20 years. This generally pays a benefit only if you die in that term. Permanent life insurance is what it says on the tin: it provides lifelong protection. Due to this, it accumulates cash value which can fund life’s possibilities!

Here are three things you probably didn’t know that life insurance could do:

  • Fund a college education
    Over time, your policy accumulates cash value. You can borrow against the cash value and use it to help pay for college or other secondary education. No financial aid forms, no bank loans!
  • Start a business
    Banks don’t lend money to businesses without revenue which means that you need to fund the business yourself. You can use the cash value of your life insurance policy to do so.
  • Take time off to care for an elderly parent
    Unlike funding a college education or starting a business, you can’t control the timing of these sorts of family emergencies. You can make sure you are prepared financially if this were to happen.

Although it is not well known, you can use the living benefits of your life insurance! Talk to Global Financial & Insurance Services to secure your life insurance today! We serve Irving and the surrounding areas of Texas to enable each individual to receive the correct life insurance to suit their needs!