7 advantages of whole life insurance in times of high inflation. 

Learning more about your financial products and services, such as your insurance policies, is a useful step to take during times of high inflation. Ask yourself, How can I protect the value of my money?

New York Life offers different insurance options so you can choose the path that is right for you. Whole life insurance is one of these options. These are some of the main benefits it brings: 

1. Security for life

Whole life insurance secures lifetime protection – the insured person is covered for their whole life, as long as premium is paid when due. That’s peace of mind for your entire future, which is especially valuable in turbulent times.

Taking the long view can help – so consider cutting back on short-term spending to stay on track with your long-term financial goals.

2. Building cash value

One of the key benefits of owning a whole life insurance policy is a cash value component that accumulates over time. Cash value growth is guaranteed*, and the money can be accessed when needed. You can use it, for example, to help pay for a child’s college tuition, or as an additional source of retirement income if the insurance needs decrease in the future. Of course, accessing cash value reduces death benefit and available cash surrender value.

3. Being able to budget

Whole life insurance premiums are guaranteed never to increase. This gives you the advantage of being able to budget accurately. In times of uncertainty, many people want this security. You don’t need to worry about rising premiums – even during times of high inflation. There are also options for how often you want to pay – monthly, quarterly, or yearly.

4. Eligibility for dividends

New York Life Whole Life policy owners are eligible to receive dividends. Though dividends are not guaranteed, New York Life has paid them every year since 1854. When a dividend is awarded, you have options – you can take it in cash, use it to help offset your out of pocket premiums, or use it to buy additional insurance that increases your coverage and cash value.

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