Posted on April 1, 2023.

Most people think life insurance only comes into play after the policyholder passes away, but it’s also possible to benefit from it while you’re still alive. From loans to long-term care and more, life insurance policies (particularly permanent life insurance policies) can help you beyond the death benefit.

If you already have a term life insurance policy, it may be possible to convert it to a permanent life insurance policy — check with your insurer to see what options are available to you.

If you’re shopping for a policy that can provide these possible perks, you might want to consider one of CNBC Select’s top life insurance picks. For whole life insurance, MassMutual stands out with a number of policies to choose from and a strong record of dividends. Universal life insurance with flexible, specialized products that can help you do things like supplement retirement income.