Life insurance is a great way to make sure that your loved ones aren’t left in debt with your passing. Life insurance covers all of the costs that occur when someone passes away including funeral costs and anything else that would otherwise become a financial burden to your family. One thing that most people don’t know about their life insurance policies is that there are exceptions that allow you to use part of your life insurance benefits while you are still alive. If you are struggling with your life insurance company or that of the deceased, you may be eligible to file a benefit claim.

Probate Free Death Benefits

Without a trust fund, estates are sent to probate court. Life insurance benefits allow you to skip this step and provide the benefits of the estate to the beneficiaries without the hassle of going to court.

Cash Value Loans

While still living, you are able to borrow from your life insurance policy to finance just about anything whether you need an improvement done on your house or have a hefty medical bill hanging over your head. The loan is tax free because the IRS does not classify them as gains. The catch? You are taking a loan out from your life insurance policy, so the loan must be repaid in full with the principal and interest included.

Accelerated Benefit Rider

This option also allows you to dip into your life insurance policy while still living. The stipulation here is that you have to be diagnosed with a terminal illness. Your policy will allow you to pay your medical bills along with any other life expenses that you are unable to cover from missing work due to your illness. The rider will simply decrease by the amount that you pull out leaving less money for the heirs when you do pass away.

If your life insurance company is fighting you about cash value loans, accelerated benefit riders, probate free death benefits, or any other issues regarding life insurance, contact the lawyers of The Martin Law Group, LLC, and we’ll work with you to file and fight a benefit claim.