Can My Kids Access the Cash Value of My Life Insurance?

H2M Insurance, serving Atlanta, GA, wants you to know a few tips for life insurance. It is paramount that you have life insurance to protect your loved ones in the event of a loss. In fact, the younger you are when you buy this type of insurance policy, the better off you are because your rates may be lower. It is crucial that you get a policy as soon as you can to lock in a low rate. You don’t want to get to the point that it will be too costly for you to purchase a policy. 

What is life insurance?

The primary purpose of investing in life insurance is that it helps you have peace of mind in knowing that your loved ones will be financially protected in the event of your death. The amount of money that they will receive once you pass away is determined by the policy you invest in. The higher the amount of coverage, the higher the premiums. But once again, the younger you are when you buy a life insurance plan, the lower the rate you can lock in.

Can kids access the cash value?

Many policies come with a cash value, meaning the money you invest in them can be accessed before you pass away. It’s like a savings fund that serves two purposes – the ability to access its cash value and the ability to serve as a life insurance plan. If your kids need money before you pass away, you can always let them tap into the cash value of your policy, but they will need your permission to do this. 

To learn more about accessing the cash value of your life insurance plan, contact H2M Insurance serving the Atlanta, GA area.