Talking Money: How to Make the Most of Life Insurance Now

Most people think life insurance is only meant to provide a benefit for family members after you die, but ABC News' Rebecca Jarvis shows other ways to make the most of using your life insurance now.
1:56 | 09/22/16

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Transcript for Talking Money: How to Make the Most of Life Insurance Now
We'll learn about real money all about how to plan for their financial future. Rebecca Jarvis who that it Rebecca Paine George life insurance can be incredibly complex but this morning we've got your answers. Let's wait. It looks as his salmon Leisle twin check are accused small business owners she retail flew in construction. With two young boys Alexis took out a thirty year term life insurance policy. I'm one of three girls in Gloucester fathered a very young age I father passed away unexpectedly. And he did not have life insurance. It's estimated that 75 million Americans have life insurance. Yet still are in ten Americans do not both people think that life insurance is only. Meant to provide a death benefits or your. Family members your beneficiaries your heirs after you passed away. Well nothing could be further from the truth Lynette Tulsa funny Cox the money coach says that's true with term life insurance. But with old life insurance. There's flexibility. Tap into it and get cash you can borrow from me you can use it for five retirement income stream here's how what works. Premiums every year and as you pay money in it you build up cash value value to borrow against to get real cash. A few years. Running low Alexis in less could use the money he for the boys' college help with business expenses. You didn't travel no downside except that what could borrow it reduces the policy pay out but I that it now. We are business owners in the kids depend on the economy and how things are gonna always work out so. It's nice to have the option of cool able to borrow against it. And remember the cost of life insurance tends to rise as you get older so if it's possible it's better to buy a policy when you're young and healthy. Even though George that is probably the last thing on your mind when you're young and healthy but it's still very Smart good advice like that eventually there.

This transcript has been automatically generated and may not be 100% accurate.

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