You buy life insurance because it is the best way to protect your loved ones. It is a financial decision…kind of. It is an emotional decision…sort of. It is about love and caring and the future…most definitely.
Still, millions of people buy life insurance every year for reasons that are often difficult to express. At the same time, the reasons are simple and obvious. That’s the thing about life insurance. The idea may be simple, but the reasons behind it cut deep, to our very core—almost to an instinctive level.
At the heart of it, if you are like most people, you buy life insurance for six very good reasons.
It is about meeting responsibilities and keeping promises. You view your decision to purchase life insurance from your family's point of view, not your own. You see life insurance as a tool that protects your spouse and children from the potentially devastating financial losses that can result if you die prematurely.
It's not about you. You know that, should anything happen to you, the life insurance you have purchased is in place to protect and provide financial relief for those who must carry on without you. It’s about them.
Because you care about your family, you want to ensure its financial security if you’re suddenly not around to do so.
By protecting their financial future, you’re enabling your loved ones to maintain their lifestyle, if something unexpected should happen to you.
Too often, when an income earner dies, survivors are forced to make tough, dramatic decisions—and to do so quickly—at a time when they may not be emotionally in a position to make good choices. Life insurance gives survivors a chance to adjust over time rather than having to move to a downsized home or find new job right away.
Your life insurance gives your family choices by providing the benefits to help pay off debts, to help meet housing payments and ongoing living expenses, to help fund college educations for your children or grandchildren, and much, much more.
• Life insurance provides cash when it’s needed most.
Your life insurance policy can deliver a specified sum of money at the exact time of need. Upon your death, your family can be assured that the amount you have chosen—perhaps hundreds of thousands of dollars; maybe even millions—will be there almost immediately. And that death benefit is generally not subject to federal income taxes. For example, a $500,000 policy provides $500,000 in death benefit proceeds.
If you are not completely certain that your coverage is in line with your family’s needs, please contact your New York Life agent. When you meet, you’ll work together to determine how much coverage you need, review what products and policies are right for you, and review cost comparisons.
Connect with a financial professional to customize a plan that works best for you.