Have you ever boarded the wrong plane and reached a destination with not much money left in your pocket? Or have you tried snorkelling without a guide and proper pieces of equipment? For sure answer to both of these must be a No but, why?
In the two situations mentioned above, you definitely need a savior. Either, you would need a lot of money or a fearless hope that no misfortune will affect you. It can be possible but definitely could be an unreasonable option.
We live in India where general issues like the unruly rise of the population, the number of cars and hence the increase in traffic strike really hard. Due to the unmatched rise in the number of cars and other dynamics, probability of mishaps has also risen.
These accidental mishaps can sometimes be devastating for you, your family and other third parties. It can leave you and the others, involved in the accident, financially strained and distressed. Hence, the government of India made it mandatory for vehicle owners to buy at least aThird Party Insurance.
Life insurance can give you lasting peace of mind in terms of the assurance that you have provided a legacy. That’s because the right coverage can offer a valuable combination of benefits, many guaranteed by the claims-paying ability of New York Life—so that you and your loved ones know exactly what you’re getting.3 Of course, you have to make a long-term commitment to paying premiums and keeping the policy in force. Some of the most common reasons for buying life insurance include:
3. Tax-free benefit
Your beneficiaries will be able to enjoy every penny you leave them. That’s because the benefit of a life insurance policy is generally passed along federal income tax free.
4. Guaranteed cash value growth
As you pay your premiums, your Whole Life policy builds cash value that is guaranteed to grow—tax deferred—and can help meet a variety of financial goals:
5. Dividend potential
One of the benefits of purchasing whole life insurance from New York Life is that you will be eligible to receive dividends.4 Although they are not guaranteed, when dividends are awarded, you can take them in cash, use them to offset your premiums, or use them to buy paid-up additional insurance that increases your coverage and cash value, use them to offset your premiums, or take them in cash.
6. Optional riders
There are several ways to tailor a whole life policy to meet your individual needs. For an additional cost, you can use riders to purchase additional protection without further underwriting, to pay your premiums if you become disabled, to use some of your face amount to pay for chronic illnesses, or to purchase coverage for your children. Your agent can help you decide if any of these riders are right for you.