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I’ve also heard about term life policies that offer a return of premium at the end of the term. So, if I don’t pass away during the policy period, I could potentially get all the money I paid in premiums back. This sounds like a hybrid between insurance and a savings mechanism.
Interestingly, some sources mention “living benefits” riders on life insurance policies. These could allow me to access a portion of the death benefit if I were to experience a serious illness like a heart attack, stroke, or cancer, which could help with medical expenses while I’m still alive.
I’ve read a cautionary tale about someone who was unable to get life insurance later in life due to a health issue that developed in their late twenties. This makes me think about the potential benefit of securing a policy while I’m still young and healthy, as I might not qualify later.
While not directly relevant to my current situation without dependents, I noted that for individuals with very large estates (over $10.5 million per parent), life insurance can be used as part of estate tax planning. This is something to keep in mind for the distant future.
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