When you think about life insurance, the first thing that probably comes to mind is paying for a funeral, paying off a home or providing for your family's needs if you die. While this thought isn't wrong, there are other possibilities you should consider.
As parents, we want to help build a better future for our children. While you probably haven't considered it, certain life insurance products can help pave the road to financial freedom for you, your children, and your grandchildren.
These life insurance products act like a retirement account. If you pay premiums while you are young and healthy, you are able to borrow against the face value, tax fee, when you're older. After you die, it's possible for your beneficiaries to use the funds to purchase their own policy that they can then borrow from to buy a home, fund a business or fund their retirement.
Taking it a step further, you can purchase the same policy for your children while they are young. The premiums are based on age, so the sooner you buy one, the less expensive the premium. Think of it as a savings account. As your children reach adulthood, they can borrow for things like college tuition, home down payments, and funding a business. The remainder can be used for retirement income, or, if left unused, will be passed down to their beneficiaries.
Using life insurance to fund a family legacy isn't a new concept, people have been doing it for generations, and those families have enjoyed the financial freedom that many of us struggle to attain. We'd love the opportunity to show you just how easy and affordable it can be to set up a family legacy using life insurance.