To Fund Retirement
Among the many types of life insurance available, permanent life policies are sometimes touted as a way to supplement retirement savings. When you buy a permanent life insurance plan — whether it’s variable, universal or whole life insurance, or a hybrid — some of your premiums go into a separate account that builds cash value alongside or in addition to your death benefit.
Saving for College
By using the cash value of life insurance you can save for college, you create an asset that can be repurposed if your child gets a full scholarship to college, or if they decide that college is not for them.
Many people use the cash value of life insurance to start a business. Did you know that Walt Disney used his cash value of life insurance to build Disney land? Relying a bank to give you a loan, which they not always do, will gear you towards debt. People look to tap the cash value of their life insurance, which can be used, no questions asked, for any purpose.
For Strategic Wealth Building
Some people do not have anything they want to use their cash value on, but then something pops up that they can use it. Using the cash value strategically will create better investments and a better future.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole – from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
Employers, find out about our selection of group life insurance plans, which can help you greatly to attract and retain quality employees. Additionally, these can be a particularly appealing option for individuals with health challenges, as most group life insurance plans do not require a medical examination. Whether you want a basic group life insurance plan or life insurance with long term care benefits, Cosmo Insurance Agency’s life and health insurance agents in New Jersey will be there to guide you.
The Living Benefits of Life Insurance