Benefits Life Insurance Policy: A Lifeline of Protection and Financial Security
A life insurance policy with benefits, often known as a whole life insurance policy, not only provides a death benefit to beneficiaries upon the insured’s demise, but also offers a range of living benefits and cash value accumulation over time. For instance, John, a 45-year-old father of two, holds a $500,000 whole life policy. It provides a death benefit for his family, while he can also borrow against the policy’s cash value to fund his children’s college education.