What is the real purpose of life insurance?
The major purpose of life insurance is protection — the instant estate to meet survivor needs. Some policies include a savings feature, but there are many other ways to save money and make investments.
Can you cash out life insurance?
You can cash out a life insurance policy. How much money you get for it, will depend on the amount of cash value held in it. If you have, say $10,000 of accumulated cash value, you would be entitled to withdraw up to all of that amount (less any surrender fees). At that point, however, your policy would be terminated.
What are the three benefits of life insurance?
One of the advantages of life insurance is that you can sometimes add on extra protection, like Critical Illness Cover, which can help with a cash sum if you become critically ill. The possible benefits include: A cash sum which can be used to help towards anything from childcare costs to household bills.