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Making the most of life insurance

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People understand the need for life insurance. In fact, 80 percent of Americans say that life insurance is something most people need.1 The need for life insurance to protect an individual’s family in the event of their passing may be obvious to most, but policyholders should be aware of the ways they can stretch the value of their life insurance.

A life insurance solution with long-term care

Today, nearly 40 percent of people who needed long-term care were under the age of 65.2 And, with many long-term care insurance carriers leaving the market, consumers need a solution to cover the heavy costs that come with long-term care. The costs are actually so high that many long-term care carriers are exiting the market, leaving consumers without options. As a solution, now consumers can choose a life insurance policy that combines life insurance protection with long-term care benefits to protect themselves and their families. 

Trustmark policies offer flexible benefits that adjust to the policyholders needs throughout their lifetime, providing high life insurance benefits during working years that convert into long-term care benefits at a later age. This helps them get the most mileage out of their policy by ensuring maximum protection for what they need, when they need it. More and more people are catching on to the value of a product ilke this, in 2015, the sale of life insurance products with long-term care grew by 51 percent.3

An investment for the future

With Universal Life coverage, a consumer can use their policy if they are in need of a loan. As the policyholder makes payments on their plan, it accumulates cash value which helps to keep their payments steady as they age. While it isn’t always recommended, due to the effect it will have on the policy, a consumer can borrow from their policy through a loan. In the event they need to take a loan, that cash value is available to them and, in the right situation, can be an invaluable financial tool.

Life insurance can be much more than a tool to protect families from end of life expenses. Whether it’s through long-term care or cash accumulation there are lots of ways to maximize the value of a life insurance policy. What’s most important is finding a product that’s flexible and customer-centric to account for all of these needs. At Trustmark, we do our best to provide this kind of protection to our policyholders and it’s one of the reasons that our Life Insurance product is an industry-leader that has ranked 2nd in universal life insurance sales.4 

1 Life Happens and LIMRA Insurance Barometer Study. 2014.
2 ”The Basics” Longtermcare.gov. http://longtermcare.gov/the-basics/
3 Individual Life Combination Product Sales Experience Double-Digit Growth in 2015. LIMRA. 2015.
4 Number based on LIMRA 2nd Quarter, 2016 results.