Insurance Strategies

Will your family be able to maintain their lifestyle and achieve their future financial objectives if they lose you?


What is the most important financial resource for your family? The answer to this question often is, your life-time earning potential. Your earnings are usually the foundation on which you build your dreams. Your financial goals such as buying a house, funding your children’s education, saving for retirement, maintaining your lifestyle, both in the present and in retirement, and leaving behind a financial legacy are all contingent on your income continuing. Have you planned for the eventuality of your family losing its income due to the death of an earning member?

Life insurance is available as Term Insurance or Permanent Insurance. Which type is best for you?

The answer to this question depends on what risk and financial goals you are trying to address.

Life insurance certainly helps mitigate the risk of a family losing its income. However, life insurance can help mitigate various other risks and even address financial goals. Upon your passing, life insurance can help alleviate the burden of obligations on the family, such as outstanding mortgages, other debt, medical bills and final expenses etc.

The death benefit can also be a means to replenish your family’s assets which may be depleted as result of a long illness before your passing. Furthermore, the death benefit can be used to equalize estate distribution, provide estate liquidity to meet your estate obligations and to transfer wealth in a tax1 efficient manner.

As part of your portfolio, cash-value life insurance can help provide flexibility in your portfolio by acting as a pool of funds. If the cash-value is unused, it can provide supplemental tax-free retirement income through surrenders and loans*.

In business planning, life insurance can be a great resource to fund buy-sell agreements, create key-person protection and provide a powerful incentive and reward structure to retain employees.

Life insurance is a multi-faceted tool with many applications. A Financial Adviser can help you understand your insurance needs and the various ways in which it can help create strength in your financial house.


*Policy loans will accrue interest. Any outstanding loans plus interest will reduce the cash value and death benefit of the policy.

1Neither New York Life Insurance Company nor its agents or affiliates provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.



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