Life Insurance has certainly evolved over the years. In the past, the main reason to purchase life insurance was to simply provide your family with financial security. There are now additional benefits added to most permanent plans called, Living Benefits or Accelerated Death Benefits. You no longer have to pass away to benefit from life insurance. If you come down with a chronic, terminal, or critical illness (not offered by all companies) and are medically approved by your doctor a tax free cash benefit will be paid to you. This cash is yours and you are free to do what you want with it. These benefits are comparable but are not to be confused with long-term care insurance (we believe they are much better).
Many people chose to go with permanent life insurance just for these benefits. The chronic illness rider seems to be the most appreciated amongst our clients because it helps most with those who are disabled.