Life insurance income. When we think of life insurance we tend to focus
on lump sum cash payments upon the death of the insured. Are you aware
that there are alternatives?
Did you know that the proceeds of your policy can be distributed in income form instead of a lump sum? Yes, life insurance income payments is a viable alternative.
Would you prefer to have payments to your loved ones made in the form of an income?
I have seen lump sum life insurance payments to beneficiaries put to good use but I also have seen situations where this large payment upon death serves no worthwhile purpose.
It is blown in a very short period of time and in some cases the family is left destitute.
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The intent by the purchaser of a life insurance policy is more often than not to guarantee the financial security of loved ones. The best way to achieve this is to provide income instead of a lump sum where feasible.
Let us take the husband, for example, who purchases life insurance to guarantee that his family is secure in the event of his premature death. He calculates carefully the amount of life
to ensure this.
In some cases the wife is very well qualified in the handling of large sums of money but in other cases she has no clue. The husband dies and $1,000,000 or $2,000,000 is put into her hands. If she is good with money the family is okay.
Let us suppose the proceeds are paid in income form, there are several options to choose from.
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