Life Happens – Be Prepared – Part 9 of a 12 part series
Posted by Dimmitt Insurance on
Could Life Insurance Cover Your Car Loan? Maybe Easier Than You Think!
Here’s one of the small perks of having life insurance. It could pay off your car loan. If you are tired of having to make that monthly payment, or perhaps you are planning to retire soon and you want to pay off your debts, your permanent life insurance could go to work for you. The good news is it may be easier to do this than you realize.
Use Permanent Life Insurance Cash Value to Pay Off Your Loan
A permanent life insurance policy that builds cash value creates an opportunity for you to pay off your debts. The premium payments you make into this loan can help the value of the investment to grow. As long as the underlying market conditions are positive, this can create an outstanding opportunity for you to see the value of your life insurance policy to grow. Over time, you can borrow from that cash value. Here’s how it can work for you:
Establish an affordable, but comprehensive permanent life insurance plan.
Make your premiums. A portion of those payments goes into an investment account.
Over time, your investments can grow. This creates cash value.
You can borrow from that cash value. It’s an affordable way to obtain funds.
Use the funds to pay off your vehicle’s car loan.
It’s that simple, and it is that effective. Take a few minutes to see how well this can work for you. It can provide you with not only the ability to borrow from it to pay off your vehicle loan but also financial support for your family should something happen to you.
Contact Dimmitt Insurance today to learn more about how life insurance can fit into your life. Get a no-obligation quote by calling 866-763-6627 or use our online quote request form.