In San Antonio, TX, the agents of LeapFrog Insurance can offer sound advice to individuals who are interested in learning more about the different types of life insurance available. Depending on the type of life insurance you choose, you may be able to reap additional benefits if the policy matures before you reach the age of retirement.
Keep It Where It Is
If purchased early enough in life, a whole life policy can mature long before you reach the age of 65. One of your options is to leave the money where it is. It will continue to earn interest and you will have the benefit of knowing that it will be there when you need it. Policies that were purchased while you were in your 20s and 30s could mature as early as your 50s giving you quite the nest egg when you retire.
Other possibilities include taking a loan against the policy and cashing the policy in. If you take a loan against the equity, you don’t have to pay it back but you will have to maintain the payment of the premiums. Cashing in the policy allows you to put the money in smaller accounts like CDs or stock options. If you cash in the policy, however, there may be tax ramifications that can be rather costly.
When you have questions about life insurance, you need to call the agents of LeapFrog Insurance to get answers that are both accurate and concise. Every person’s situation is different and they understand the importance of tailoring a policy to their client’s personalized needs. If you live in the Austin, Dallas, or San Antonio, TX area, call and schedule an appointment today to get the answers you need and a policy that protects your interests.