You may watch the value of your property, home or retirement investment savings struggle in the current economy, and may be wondering about ways to protect your family in the event of an unforeseen event. One option you may not have considered is the purchase of a whole life insurance policy.
Invest in Your Loved Ones
The primary promise of life insurance, of course, is that your loved ones will be protected in the event of your death. And with a whole life policy, your death benefit is guaranteed,1 whether the payout comes in a matter of years or decades. This is a product that provides protection in the long-term interests of those you care for most, as well as your own peace of mind.
Invest in Your Future
But, what you may not know is that a whole life insurance policy is much more than protection against the unknown. It also provides you with tax-deferred cash value that accumulates over time. In the event of sudden unforeseen or happily anticipated expenses, it provides a readily available source of funds1. And, in the long run, it can also supplement your retirement income.2
Any kind of financial strategy these days seems fraught with uncertainty, so it’s important to consider carefully what vehicles work best for your own circumstances.
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, provides tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.