Life insurance is for the living You know you should buy life insurance to protect your family and give yourself peace of mind for the future, but still you hesitate. Is it because life insurance makes you think about your own mortality? Are you under the misconception that life insurance has no benefit to you unless you die? Beyond the fact that life insurance provides tax-deferred growth, it also can provide you with the following benefits now: Mortgage Acceleration Pay off your mortgage years ahead of time using the cash value in your life insurance policy. Use the cash value in your policy instead of paying more to your mortgage company each month; this way you won't reduce the amount of mortgage interest you can deduct on your taxes. Nursing Home Care Make sure the policy you purchase has a Living Benefits Option attached to it (generally offered free of charge). If you are permanently confined to a nursing care facility, the Living Benefits Option allows you to receive a significant portion of your life insurance proceeds to pay for this care. The Living Benefits Option eases the financial burden on your family since Medicare, Social Security and other insurance plans may not cover all your expenses. Financial Assistance for the Terminally Ill Make sure the policy you purchase has a Living Benefits Option attached to it (generally offered free of charge). If you are diagnosed as being terminally ill, the Living Benefits Option allows you to receive a significant portion of your life insurance proceeds to pay for your medical care. The Living Benefits Option eases the financial burden on your family since Medicare, Social Security and other insurance plans may not cover all your expenses. Emergency Loans Loans are available against your policy cash value up to a stated amount determined by your insurance company. Loan proceeds are not taxable as income, so you can borrow large sums of money without having to pay income tax on that amount. If you die before the loan is repaid, the outstanding amount will be deducted from the death benefit. In addition, you can also use life insurance for retirement, estate, business and college planning. Ask your financial professional today about the many other ways life insurance can help you now. Note: The benefits listed above pertain to permanent life insurance only, not term.