Planning for uncertainties.
Planning for uncertainties.
A popular belief is that you won’t need life insurance “later.†What would have to happen for you to feel that you could drop your insurance?
In a perfect world
My mortgage will be paid off.
My kids will be grown and living on their own.
My investments will have done so well that I can retire as planned.
In the real world
People move every 6-8 years.1
People have kids later in life, and grown kids come back home.
70% of Americans plan to work (at least part-time) in retirement, and 33% of workers plan to retire after age 65.2
Why not hope for the best...but plan for the worst?
Life insurance provides that backup plan for your family.
There are two basic kinds.
First is called Term Insurance
Term: Similar to renting an apartment
Second is Permanent cash value whole life
Similar to owning a home
What type is right for you?
Rent: Term Insurance
? Place to live
? Temporary solution
? Can be an economical way to start but can cost more in the long run
? Not building cash value
? Premium is a cost item
? Can, however, switch from “rent†to “ownâ€
Own: Permanent Cash Value Whole Life
Place to live
Permanent solution
? May cost more initially than term but can end up being more affordable in the long run
? Building cash value
? A portion of the premium is creating an asset (cash value) that can be borrowed against1
Why not hope for the best...but plan for the worst?
Permanent cash value life insurance can provide you with a lifetime of protection and value in the event that life doesn’t go completely as planned, as long as premiums are paid on time.
Protect those you care about by obtaining life insurance that:
? Fits your budget
? Is the right amount of insurance coverage
? Is the most suitable kind of insurance coverage
- Which may be a blend or combination of both kinds
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Email: svahora@newyorklife.com