In any economy, protecting your personal assets can be a struggle. And in uncertain times, making the correct financial decisions is imperative to create a stable future for you and your family. When making these important decisions, you may find that the purchase of a whole life insurance policy is the best option for you.
When it comes to securing the future of your family, it is important to anticipate. Even if things are comfortable right now, you should realize the possibility of unforeseen events such as an economic downturn or untimely death. Purchasing whole life insurance can be an effective way to adequately secure you and your family’s financial future and any life changes that may occur.
Invest in your loved ones
The primary purpose of life insurance is to protect your loved ones in the event of your death. With whole life insurance, your death benefit is guaranteed1 provided premiums are paid. This product provides long-term protection for those you care about most.
Invest in your future
Whole life insurance is more than just death benefit protection. It also provides tax-deferred cash value that accumulates over time, regardless of the economy. In the event of both known and unknown expenses, it provides a readily available source of funds. And for the long run, it can supplement your retirement income.2
Any kind of financial strategy these days seems fraught with uncertainty, so it’s important to consider what vehicles work best for your own circumstances. Life insurance can help you ensure that your family’s financial future is protected while also providing an alternate source of funds for everyday needs or unforeseen events.
1Guarantees backed by the claim-paying ability of the issuer.
2Loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest; withdrawals reduce the available death benefit.
Neither New York Life Insurance Company nor its agents provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
About the Author: Tim Mahoney
