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One reality of planning for your future is that you need to provide financial benefits for your loved ones after you pass away. There are many types of life insurance that might fit your needs. If you live near Tulsa, OK, and want to discuss life insurance, our Alan Farley Insurance LLC team can help you choose the right policy for you. Our team has been providing insurance services to clients in your area since 2019.
Reduced Paid-Up Life Insurance
Life insurance is a wise investment in your loved ones’ future. However, as time goes by, you may find it challenging to afford to continue paying your premiums. If this becomes the case, you might want to consider an option called reduced paid-up life insurance. This option is available on some whole-life policies. If you can take this option, you withdraw the cash benefit from the policy and stop paying life insurance premiums.
Once you withdraw the cash benefit from the policy, you can use that amount to purchase a paid-up policy with a smaller death benefit than you would have received if you continued paying premiums. When you withdraw your cash value and buy a smaller policy, the insurance company adjusts the death benefit to fit the price you have paid for your new policy. Keep in mind that this is possible only with a whole life policy; term life policies don’t offer this opportunity.
Call Us Today for an Appointment
If the reduced paid-up life insurance option doesn’t work for you, our Alan Farley Insurance LLC team can discuss a full range of life insurance policy options. Residents of Tulsa, OK, can feel confident when trusting us to provide their insurance needs. Call us today for an appointment, and let’s talk about insurance.