When most people think of life insurance, they think about the death benefit. The death benefit provides their beneficiaries with a lump sum payment following the death of the insured. However, whole and universal life insurance policies offer owners features they can benefit from now while they are alive. 

Cover the Cost of Treatment for Terminal Illnesses 
After the death benefit, many people may consider the accelerated death benefit (ADB) the next major benefit to having a whole or universal life insurance policy. The ADB helps qualifying individuals cover the cost of getting treatment for illnesses like cancer. By using the ADB, many people who are strapped for cash can get the medical treatment they need, but cannot afford absent a lump sum cash payment. 

Borrow Money for Emergencies 
It's not unusual for hardworking individuals to face a financial setback. Whole and universal life insurance policies that build cash value are like a bridge over troubled waters in a financial crisis. If the policyholder has made enough premium payments, they can borrow against their insurance policy to help them cover financial emergencies.  

An added benefit of using this feature is the fact that there are no credit qualifications associated with this loan like people experience with credit-based loans. This makes it easier for people to get the cash they need. 

Skip a Premium Payment 
Another policy feature to help individuals overcome financial difficulties is the waiver of premium rider. With this feature, policyholders who become sick or disabled may be eligible to stop making their premium payments while maintaining their life insurance coverage. Many people who experience a disability find this feature helpful since an income reduction after becoming disabled forces them to cut expenses immediately. 

Purchase Insurance for Spouse and Children 
With fewer people having life insurance, it isn't too far-fetched to marry someone who lacks a life insurance policy. Fortunately, whole and universal life insurance owners can purchase riders for their spouse at discounted rates. Additionally, policyholders can purchase insurance riders for their children because of their policy, making it more affordable to cover the entire family. 

Most people only consider their death benefit when they plan for life insurance; however, features included in whole and universal life insurance policies can provide real benefits for everyday problems. 

Start benefiting today. Contact PA Skarr, Inc. for more information on Naperville life insurance.