If you are looking for a particular insurance company that is very reliable in the industry, then you should consider going with New York Life Insurance. Let’s take a quick look at an example of a plan they offer: whole life insurance. But what exactly is whole life insurance? To make an informed decision, you must know the different types of insurance plans that are available in the market right now. Whole life insurance is actually the permanent type of insurance protection, in the sense that you are protected for the whole of your life. Well, not exactly for the whole of your life, but from the very day that you took out your policy until the very day you die. Of course, this is only applicable for as long as your life insurance premiums are duly paid.
Whole life insurance actually provides you a solid foundation for you to build a financial strategy that is long-term in nature. From the definition itself, this insurance type gives lifetime protection for yourself, your family, and even your business. Aside from these, there are a number of other things that this policy can offer you.
For instance, you get mortgage protection. The proceeds coming from your death benefits can then be used to pay off mortgages and all sorts of outstanding debts. Of course, it would be a bit sad to think that only the premature death of the policyholder can bring about this ironic financial blessing. But if you really think about it, death is an ultimate part of life, one that none of us can virtually escape. The better and responsible thing to do is to prepare so that you would not leave your family any financial burden. Your policy will surely help a lot with the mortgage protection it provides you.
Aside from this, you also get estate preservation. New York Life Insurance offers funds that can cover the expenses of your estate. You no longer have to sell any of your assets to cover your expenses. Borrowing money is no longer needed as well. Moreover, if you have a favorite charity, you can actually arrange to make your own contribution to your charity upon your death. Of course, the charity at hand here should be qualified per guidelines of New York Life Insurance.
A New York Life Insurance agent will also allow you to take out loans against your whole life policy’s cash value. This will accrue interest, of course, and your total benefits and cash value would decrease respectively. Still, this is a very convenient feature to have, especially when there are sudden monetary needs.