Normally, the most important benefit of a life insurance policy is the death benefit. But why stop there when your life insurance policy can do so much more? A full understanding of your policy will help it become more than just a death benefit.

Your death benefit amount is determined through various calculation methods. Typically, debt, family size, educational goals and income replacement are common factors in determining this value. As we age, we may not need as much coverage because some of these obligations decrease or are totally eliminated.

Did you know that some life insurance policies allow you to decrease the death benefit amount? This would help lower the cost of premiums, along with maintaining the amount of coverage that you actually need.

When you were younger, you did the right thing and purchased a term life insurance policy to cover your debts. Fast forward to today. You are nearing the end of your policy term and still needing that protection.

Do you have a rider that offers you an extension of your coverage options? If not, this might be the time to consider a conversion. A conversion gives you the opportunity to convert your existing term policy to a permanent policy without applying for a new policy or having to prove insurability.

What if you or your family suffered a devastating financial situation? Do you have enough liquid assets available to assist you in this situation? With a permanent life insurance policy, you have the opportunity to take a loan or access the cash value for circumstances like this.

Knowing you have these options will provide “peace of mind” and security that your life insurance policy could help put the pieces back together before and after death.

As with all life insurance coverages, it is always best to check with our agency as to what options you have available. Be sure to ask if your life insurance is working for you!