So much has hap­pened in the last few days and weeks that I feel like months have passed. Social dis­tanc­ing is now on everyone’s lips. And the goal is noble: flat­ten “the curve” and pre­vent more peo­ple from get­ting sick from the Coronavirus.

The impact, though, is being felt in so many ways by so many peo­ple: Schools are closed and par­ents need to stay home to take care of their chil­dren and can’t work. Restau­rants, bars and local retail shops are shut­tered, and all the peo­ple who own those busi­ness­es or work there or sup­ply them are in finan­cial per­il as well. Many, many peo­ple are not only wor­ried about get­ting sick, but wor­ried about whether they will have a job to return to and if they can pay their bills in the meantime.

But I want to shine a light on a finan­cial lifeline—a solution—you may have for­got­ten about. Per­ma­nent life insur­ance. Many peo­ple buy it for its life­time pro­tec­tion. It’s often a “set it and for­get it” solu­tion. But the beau­ty of this finan­cial tool is what it does while you aren’t pay­ing atten­tion to it: It accu­mu­lates cash val­ue. Money—money that you can tap now to help tide you through this finan­cial uncertainty.*

Mike Jaap owns a suc­cess­ful recy­cling busi­ness. When the last major finan­cial cri­sis hit, he thought his busi­ness was doomed. For­tu­nate­ly, his finan­cial advi­sor had helped him put a per­ma­nent life insur­ance pol­i­cy in place, which he was able to tap to see him through that tough finan­cial time and keep his staff employed. In essence, his life insur­ance saved his busi­ness. You can watch his sto­ry here.

If you cur­rent­ly have a per­ma­nent life insur­ance pol­i­cy (not a term pol­i­cy—click here to under­stand the dif­fer­ence), con­tact your insur­ance agent or finan­cial advi­sor and talk through how you can tap into that mon­ey. You can often access it in days. Or you can con­tact your insur­ance com­pa­ny direct­ly as well.

You may not remem­ber the con­ver­sa­tion you had with your insur­ance agent or advi­sor when they talked you through the ben­e­fits pur­chas­ing per­ma­nent life insur­ance. But I can tell you with 100% cer­tain­ty that one of the rea­sons they want­ed you to have this cov­er­age is so that right now, in a time like this, you could access that money—that cash value—to be OK finan­cial­ly. They did their job well then, and you can enjoy the ben­e­fit of your good finan­cial deci­sion now.

[*Keep in mind that if you with­draw or bor­row­ing funds from your pol­i­cy, it will reduce its cash val­ue and death ben­e­fit if not repaid.]

By Faisa Stafford

Orig­i­nal­ly post­ed on