Life Insurance: Possibilities in A New and Complex World

(NewsUSA) - According to a recent study published by the Life Insurance and Market Research Association, last year only

44 percent of U.S. households had individual life insurance, and 30 percent of U.S. households had no coverage at all.

These statistics come at a time when using life insurance for both its protection benefit and as a way to build cash has never made more sense. Once pillars of financial stability, home equity, defined benefit plans, 401(k) matches and social security are now under threat. Under these circumstances, funding a college education, launching a new business or meeting an unexpected health emergency are daunting and cannot easily be resolved with many of yesterday's financial solutions.

A permanent life insurance policy that is reviewed and updated on a regular basis protects more than just assets. It brings stability and can help you take advantage of so many of life's possibilities.

If you are thinking about buying life insurance or increasing the amount of coverage you already have, here are some common misperceptions you should know:

Life insurance is a death benefit only. In addition to a death benefit, permanent life insurance offers cash value accumulation.  This money can be used to cover all kinds of life expenses for you and your family, or, small business.

Buying term insurance with a minimum amount of death benefit and putting the rest of your money in other investments is the way to go. While death protection is important, permanent life insurance offers that protection and cash accumulation, thereby meeting your needs as they evolve throughout your lifetime.

Life insurance matters only when you have children. Life insurance can fulfill many different needs aside from protecting children. For instance, you can access the cash value of a permanent policy to help grow a business or fund a favorite philanthropy.

Life insurance is a monthly bill. Premium payments on a permanent life insurance policy are an investment in your future. A permanent policy is like paying yourself, as the policy accumulates cash value over time that can be used when and however needed.