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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 future… most definitely. Deciding whether you need life insurance can be a complicated process. 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 will want life insurance for 5 very good reasons.
1. Life insurance is about taking care of loved ones.
It is about meeting responsibilities and keeping promises. If you own life insurance, it is because you view it 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.
2. Life insurance is for the living.
It has nothing to do with 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.
3. Life insurance is an expression of love and caring.
Because you care about your family, you want to ensure their financial security if you’re suddenly not around to do so. Should you die, the proceeds will help you keep the promises you have made to those people who are important to you. By protecting their financial future, you’re enabling your loved ones t o maintain their lifestyle, if something unexpected should happen to you.
4. Life insurance buys time and options.
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 need to look right away for a downsized home or new job.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 more.
5. 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 policy are right for you, and review cost comparisons.
We’re always here to help you make the best decisions based on your individual needs, current situation, and long-term goals. If you’re looking for affordable term coverage for temporary needs, or a permanent policy, we can help with solutions that meet your needs and budget. No matter where you are in life, one thing is certain: if someone depends on you financially, you need life insurance.