New York Life | November 20, 2023
As Thanksgiving approaches, our minds naturally turn to gratitude for the many blessings in our lives. While the turkey is roasting and the scent of pumpkin pie fills the air, let's take a moment to give thanks for something that might not be at the top of our list but certainly deserves recognition —life insurance. Here are six reasons why we should be thankful for this often-overlooked financial superhero.
1. Guaranteed protection
If you have a family, a business, or others who depend on you, the life insurance benefit of a whole life policy acts as a financial safety net. When you die, your beneficiaries will receive a lump-sum payment that is guaranteed1 to be paid in full (provided all premiums are paid and there are no outstanding loans). It’s essential protection that you can count on to be there for your loved ones when needed.
2. Income replacement
Imagine what would happen to your family if the income you provide suddenly disappeared. With whole life insurance, you can help make sure that your loved ones have the money they need to help:
3. Tax-free benefit
Your beneficiaries will be able to enjoy every penny you leave them. That’s because the benefit of a life insurance policy is generally passed along federal income tax-free.
4. Guaranteed cash value growth
As you pay your premiums, your Whole Life policy builds cash value that is guaranteed to grow — tax deferred — and can help meet a variety of financial goals:
5. Dividend potential
One of the benefits of purchasing whole life insurance from New York Life is that you will be eligible to receive dividends.2 Although they are not guaranteed, when dividends are awarded, you can take them in cash, use them to offset your premiums, or use them to buy paid-up additional insurance that increases your coverage and cash value.
6. Optional riders
There are several ways to tailor a Whole Life policy to meet your individual needs. For an additional cost, you can use riders to purchase additional protection without further underwriting, to pay your premiums if the insured becomes disabled, to use some of your face amount to pay for chronic care, or to purchase coverage for your children. Your agent can help you decide if any of these riders are right for you.
This Thanksgiving, let's raise a toast to life insurance and to the security and comfort it brings to our lives!
1 Guarantees are based upon the claims paying ability of the issuer.
2 While dividends are not guaranteed, eligible policy owners have received them for more than 160 years. Some policies are participating but are not expected to receive dividends.
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