Shari Bevan of Bevan Wealth and Tax Strategies, Explores 4 Ways Your Life Insurance Policy Can Benefit You While You’re Still Alive Cloud PRWire by Cloud PR Wire - July 7, 2022 Greenville, South Carolina, 7th July 2022, ZEXPRWIRE, When most people think about life insurance policies, they think about what will happen when they die. However, there are several ways that a life insurance policy can benefit you while you’re still living. In a recent blog post, Shari Mattingly Bevan of Bevan Wealth and Tax Strategies outlines four such benefits. Firstly, Ms.Bevan advises that you minimize taxes in your retirement. A whole life insurance plan can be used as a tax-free form of cash flow during retirement. Policyholders can utilize their life insurance like a personal pension and make withdrawals tax-free while in retirement. In this way, your life insurance policy operates like a retirement savings account which you can use to generate cash flow during retirement. Secondly, Shari Bevan advices that you use it to fund your child’s college tuition. Your whole life insurance policy could benefit future generations sooner than you think. Potentially, your life insurance policy could yield better rates when taking out a loan for your child’s (or your own) education than an actual student loan. And when it comes to paying back the interest, the money goes right back into your policy. Your life insurance can also cover your student loans should any debt exist when it goes into your estate. Should your estate contain any student loan debt, your life insurance coverage can cover the tax placed upon your debt. Thirdly, you can opt to explore living benefits. When the least expected occurs, your life insurance policy can function as additional cash flow support through living benefits. Living benefits can be used as a portion of the death benefit in certain situations. This way, the death benefit is not entirely used during your life, but policyholders can still rely on the added financial support of life insurance benefits. Living benefits can provide financial assistance in the form of chronic illness benefits in which you can receive aid in various activities, including dressing and eating. Terminal illness benefits are also available through your life insurance policy for those certified by a physician. Those needing financial support for medical care during their life expectancy that is shorter than 12 months can use their life insurance policy for living benefits. Last but not least, Shari Bevan advises that you consider selling the policy if you have outlived it. Believe it or not, outliving your life insurance policy is a possibility. If this should be the case for you, when your policy term ends (and if you have never made a claim), your insurance company could return the premiums you have made towards your policy (if you have whole life insurance). Of course, you always want to check on the specifics of your policy. Once received, you can use them as you see fit, including investing the funds or saving them. Outliving your life insurance could be considered one of the more unexpected benefits of your policy. Policyholders can continue coverage, receiving the funds in a tax-free savings account or taking out loans against it. Depending on your financial needs when your term ends, the opportunity to receive a payout from your life insurance policy is another way to benefit from your policy during your life. Bevan Wealth & Tax Strategies is a wealth management firm that provides numerous financial services to its clients, including wealth management and tax planning. The firm offers a comprehensive approach to financial planning that considers its clients’ goals, risk tolerance, and investment objectives. In addition, Bevan Wealth & Tax Strategies guides on various financial topics such as retirement planning, estate planning, and insurance. As the founder and head of Bevan Wealth & Tax Strategies company, Shari Bevan has decades of experience in finance and law. She is a Chartered Financial Consultant (ChFC) and holds the CLU designation. These qualifications and extensive experience have positioned her to offer expert advice to her clients. In addition to estate planning, Ms. Bevan also provides tax planning services. Her in-depth knowledge and understanding of finance and law enable her to provide comprehensive advice that considers each client’s circumstances. As a result, she can help her clients achieve their financial goals. Investment advisory services offered through Change Path, LLC, an Investment Advisor. Bevan Wealth & Tax Strategies and Change Path, LLC are not affiliated. Media Contact Company Name:-Bevan Wealth and Tax Strategies Email:-firstname.lastname@example.org Company Website:-https://bevanwealthandtaxstrategies.com The post Shari Bevan of Bevan Wealth and Tax Strategies, Explores 4 Ways Your Life Insurance Policy Can Benefit You While You’re Still Alive appeared first on Zex PR Wire.