Using Your Life Insurance as a Source of Income

 One important financial decision is whether to purchase life insurance. If you have questions about life insurance, our team at Atlas Insurance Agency will take the time to explain your insurance options. If you live in Southeast Michigan, we invite you to come into our office and share your concerns. Our team has been working with clients like you since 1929. 

Using Your Life Insurance as a Source of Income 

When you purchase a life insurance policy, it is typically intended to provide funds for your family or another beneficiary, after you die. However, under certain circumstances, policyholders can access funds from their policies prior to their death. According to the Wall Street Journal, permanent life insurance policies often have a cash value option. The same website reports that there are several ways to withdraw funds from the cash value of a permanent-type life insurance policy. 

According to the Wall Street Journal, policyholders can make withdrawals from the accumulated cash value, at any time.  Even though the withdrawal will reduce the death benefit, the policy will remain active as long as your premiums are paid on time.  Another income option for you could be a loan, which would incur interest until the policy is closed.  Talk with one of our agents about all available income options, for your permanent life insurance policy.

Contact Us Today for Your Appointment 

Thinking about the end of your life can feel overwhelming, but buying life insurance may relieve some of your concerns. Our team at Atlas Insurance Agency can help you find the maximum life insurance coverage, at a price you can afford. Clients in the Southeast Michigan area have been placing their trust in our team for almost 100 years. Give us a call today to make an appointment.