In the event you are diagnosed with a chronic illness you can have the ability to accelerate some or all of the death benefit. These proceeds can be used to pay medical bills, household bills, fund alternative medicine not covered by health insurance, or anything you want. Cancer, heart attack, stroke, and many other conditions would qualify to accelerate the death benefit. This is available on term and permanent life insurance. Thankfully, it does not cost you any extra to have these benefits.
Permanent life insurance can be used to generate a tax-free income in retirement. Imagine the impact on your family and your retirement if you did not have to pay taxes in retirement. Taxes are lower than they have been in a long time and they will not stay this low, which means taxes will go back up. How high, no one knows. Do you think it makes sense to have a portion of your retirement income not subject to income taxes in the future when those tax rates are unknown? Also, using this strategy can reduce or eliminate your taxes on Social Security income and the Medicare surcharge you may face if you make "too much money."