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Three Concerns, One Life Insurance Policy

By Cincinnati Life

With so many options available for life insurance, some people struggle with their decisions and opt to … do nothing.

But what if one policy made their choice easy? Guaranteed whole life insurance provides a level premium that never changes based on your health or age. This simple option can protect you from three of the biggest emotional and financial concerns that could happen during your lifetime: death, disability and outliving your money.


Let’s discuss the obvious concern first … death. All of us are going to die, but the important fact that most people don’t consider is when that is going to happen. We just don’t know. Term insurance, which provides coverage for a specific timeframe, is only one option. Another is whole life insurance that can protect you for your entire life and removes the uncertainty of whether your insurance will be there when your beneficiaries need it the most.


Second is the chance you may become disabled. The Social Security Administration estimates that one in four 20-year-olds in the workforce will suffer a disability before retirement. I had to have lumbar fusion on my back at age 36 and was on disability for more than four months. Along with disability coverage through work, I had a life insurance policy with a rider providing benefits for chronic illness. The disability policy through work was enough to cover my income, but the rider gave me peace of mind in case I needed more income. I never expected the disability, but because I prepared I was able to provide for my family. Many whole life insurance policies offer optional riders, amendments to your policy, such as the chronic illness rider that will provide a yearly benefit to help offset medical costs and income should you become disabled.


The last concern is the chance you may run out of money. Many people don’t properly prepare for their retirement and expect what I call “The Windfalls”: winning the lottery, receiving a large inheritance or striking it rich in the stock market. The chance of windfalls happening is extremely low. As a matter of fact, with inflation and the high cost of health care, even if a windfall does come to you, it may not be enough. With a whole life policy, cash value grows tax deferred and, if needed, can provide another source of funds available to you.

Three concerns, one solution. Whole life insurance can help provide the peace of mind you deserve.