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 Note from Editors:  

You can avail of the benefits of new  types of life insurance policies while you are still alive, by using 3 options – cash value, living benefits and lifetime income, for your retirement.   


by David Rae

The good news is that you don’t have to die to use your Life Insurance. Here’s how to put the new policies to work for you.

Newer kinds of life insurance policies offer several benefits that you can use while you are still breathing . . . think cash value, living benefits, and lifetime income options. It may sound crazy but you could even potentially retire off a life insurance policy.

Here are my three favorites:


I basically call the cash value on permanent life insurance a “Rich People ROTH” because it’s most useful for people who make too much money to use a regular Roth IRA, or for those who have already maxed out their other retirement accounts and want to more money tax efficiently.


There are a bevy of health-related living benefits and riders that can be added to policies at difference insurance companies. The three most common benefits cover Terminal Illness, Chronic Illness and Critical Illness. I won’t bore you will all fun diseases and ailments that may be covered. Just know that financially it can be much more expensive to suffer for years with a chronic illness versus simply passing away too soon (which has some definite downsides too).


You can also strategically use the cash value as a personal . Some policies will have a “lifetime income rider.” If you plan ahead and stash enough cash into the policy, you can essentially create your very own pension that comes out to you tax-free.

The LGBT Life Insurance Picture
As a community, LGBT people tend to be underinsured at a greater rate than the rest of the country. But the new options on today’s life insurance policies may make them a better fit for both the coupled and the single. I bought my first policy long before I met my handsome husband.

Most of us hope to die peacefully in our sleep — preferably after a lovely meal with lots of carbs and plenty of wine — when we are 100+ years old. I wish this for myself and I wish this for my husband and I wish it for you. But meanwhile, since there are no , a good life insurance policy can make the best of the uncertainties that are part and parcel of being alive.


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