083121 Do You Know the Whole Life Story?

 

Change comes at us from every angle as people update and

upgrade everything from their diets to their devices, seemingly

every day. When we enter adulthood as a young professional,

we never imagine that we are only a couple dozen phones or

a handful of trendy diets from marriage, parenthood or even

retirement. Diets and devices can be great, but not all change

is good, right? At every stage of life, financially confident

people know that they can embrace the good and safeguard

against the not-so-good with solutions designed to do just that.

Enter: whole life insurance. Not just your parents’ insurance,

whole life can actually benefit you no matter where you are in life. 

 

THE BEGINNING: YOUNG PROFESSIONALS 

 

When we’re young and focused on our dreams, we rarely

consider the possibility of an unexpected, devastating change.

What would happen if you died prematurely? It may be unsettling

to think about, as it would be very painful for your family.

As you pay into your whole life insurance policy, it accumulates

cash value. The ultimate goal of the money is to provide financial

security for your loved ones in the event of your death. Along the

way, however, you can still benefit from the accrued cash value.

Whole life can be used to help fund improvements for your life

today, such as buying a new home. It can also be used to fund

or grow a business.

In fact, millennials are starting and owning businesses at a rate

greater than preceding generations. So, whether you’re getting a

new business off the ground, or upgrading from your basement

to main street, the cash value from your policy can help to move

your business forward. 

 

TYING THE KNOT: NEWLYWEDS 

 

Imagine you are about to walk down the aisle. You and your best

friend go out on the town for one last night of single bonding. You

express your hopes (and concerns) for the future. Will I be a good

spouse? Are my financial priorities lined up? Your bestie shares

some insights. They have whole life insurance. “That’s so morbid,”

you say. “Why are you bringing up life insurance? Are you trying

to kill me?” “No… but it is important to ensure your future family is

protected, and it also grows cash value. 

 

GETTING SERIOUS: PARENTHOOD 

 

You and your spouse have taken the plunge: Your first child is on

the way. The life you’ve built isn’t just your own anymore… you

want to protect what you have so it will last after you’re gone.

Research shows that 54 percent of millennial’s like a protection

first philosophy, and they are big savers, a key part of a protection

first mindset. For instance, many young couples prioritize the need

to pay off debt. But if you pay off debt without building protection,

you can go right back into debt when something unexpected

happens. Whole life insurance is one way to financially weather a

crisis and build cash value in the process.

With whole life insurance, at least you can protect them from

financial distress. If you have student loans or credit card debt,

whole life insurance guarantees a death benefit to your loved ones,

regardless of when you die, and can help cover your debts. With

whole life insurance, you are covered for your entire life. Assuming

you pay the monthly premium in a timely manner, your family will

receive payments after your death. 

 

WINDING DOWN: RETIREMENT 

 

Imagine that decades have passed. You’ve had a great career,

you’ve raised a beautiful family and now it’s time to retire. Your

spouse is worried that you aren’t prepared, but you know you’ve

made a financial plan and stuck to it. “The night before our wedding,

my best friend convinced me to buy whole life insurance,” you

explain to your spouse, “and it set me on a path of financial

confidence that I’m still walking today. Most important drink of my

life.”

Whole life is an attractive asset because it’s not subject to the

volatility of the stock market. Its cash value grows at a healthy rate,

and over a lifetime it adds a nice balance of both stability and

reward to any portfolio.

It’s often been said that “the only constant in life is change.”

Whole life insurance (and the guidance of a financial professional)

can help us anticipate change and prepare for it.

Brought to you by The Guardian Network © 2018.

The Guardian Life Insurance Company of America®,NewYork, NY

https://www.usafrancefinancials.com/resource-center/insurance/do-you-know-the-whole-life-story