It used to be that life insurance only provided benefits to your beneficiaries. Like everything else, innovation has made life insurance far more valuable than ever before.
Now you can tap the face amount of your policy if you have a health crisis. Think of it as an unfunded savings account. You could have a one million dollar policy with no value in it. At possibly the worst time in your life, you have guaranteed access to a portion of the million (up to 90%).
Another innovation allows you to fund the policy and never lose principal when the market is down. No risk, only potential upside.
Not impressed yet? If you reach the point where you don’t want or need the policy, you can sell it for a profit like any other asset you own.
Also published on Medium.