Add To Cash Value Option

This term applies to a type of insurance you buy for that moment you kick the bucket.

Depressing? Maybe not, hot shot. When you buy a life insurance plan, you can choose an option that allows you to, well, make the green stuff. This option can be beneficial while you’re still in the land of the living. Not only are there tax benefits to this option, you can also accumulate cash and use it, borrow against it, or will it to your loved ones upon your passing.

As time goes on, your mountain of green goddessness grows...and grows...and grows. If you’re looking for an option like this, talk to a life insurance broker about add to cash value options. Term life benefits do not offer this perk.