There are many personal, business, non-profit uses of life insurance. The primary idea of life insurance is to protect family against a premature death that could create severe financial instability and devastation, however businesses and non-profit can also suffer a significant financial setback due to an untimely death of key personnel.
For example, the death of the primary income earner within a family, the chief engineer of a technology company, or the chief executive and visionary of a non-profit organization.
Modern life insurance policies don’t just provide a “death benefit,” but many other options such as “living benefits,” “tax-advantaged” (tax-free) wealth accumulation, “infinite banking,” etc.
Types and uses of properly and uniquely structured life insurance policies include:
- Index Universal Life (IUL):
- While Life (WL):
- Term:
- Final Expense:
- Mortgage Protection:
- 529 College Savings Plan Alternative
- Life Insurance Retirement Plan (LIRP), Tax-Advantaged Retirement Plans:
- Joint and Survivor (“first-to-die” and last-to-die”):
- Buy / Sell Agreement Life Insurance:
- Executive Bonus Plans:
- Key Employee Insurance:
- Group Life Insurance:
- Minister / Pastoral Financial Wellness Plans:
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