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Article Archive >> Business

Do you need financial protection? Here's a checklist


Do you need financial protection? Here's a checklist

(NAPS)-Answering a few questions can help you determine if you need life insurance for financial protection:
Do you need to protect your family? For many, the primary reason for having life insurance is to protect the family's financial future and keep it safe and secure. The death benefit on a life insurance policy can be used by beneficiaries to fund a child's education, take care of final expenses and help ensure that the daily future financial needs of your loved ones are met.
Do you need to protect your home? You've saved diligently to afford a home where you can raise a family and create memories to last a lifetime. Many experts recommend that you consider using life insurance to help safeguard this asset-for many families, their greatest asset and their biggest expense. The policy proceeds can be used by beneficiaries as a way to continue mortgage payments in the unfortunate event of the loss of the provider.
Do you need to protect your future earnings? Your human capital is the total value of your potential future earnings, which, in the unfortunate event of your death, would no longer be available to your loved ones. The death benefit can be used as a necessary source of income for your family to fund educations and a secure future.
Protecting your human capital is even more important when you are in your 30s and 40s, when your human capital is highest and your accumulated financial wealth is typically lowest. For example, if you are 30 years old, earn $40,000 a year and expect to retire at age 65, that is $1.4 million of potential future earnings. Life insurance can guard against the potential loss of human capital in the event of premature death. Without life insurance, that future income is unprotected and lost forever.
Do you need to be more disciplined with your savings? A whole life policy may offer what you need. Paying premiums monthly, quarterly or annually to build cash value is a way to ensure that you are making regular contributions to an important part of your overall savings plan. You can even borrow from your policy's accumulated cash value by taking a loan at competitive interest rates and use this money in any way you wish (policy loans reduce cash value and death benefit). Having the funds available for future needs, including paying off a mortgage, funding a college education, putting a down payment on a home for your child or paying for a child's wedding, is an important "living benefit" of whole life insurance.
Do you have an increased desire for a sound financial strategy? If you're like most Americans, the answer is yes. A recent survey conducted by Ipsos Public Affairs and sponsored by New York Life noted that 83 percent of Americans age 30 and older agree that the economic crisis has increased their desire to provide financial protection for their family. A life insurance policy can be the foundation of a prudent financial plan.
When you purchase a life insurance product, you want to work with a company that will be around for decades to come. As a result, it is important to consider a trustworthy provider that has a long, steady track record and a high degree of financial strength and stability. A knowledgeable advisor will help you determine the amount of insurance needed to protect your family. You can contact a New York Life agent toll-free at (800) 710-7945. To find out more about how life insurance can help secure peace of mind for your family, visit www.newyorklife.com.

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