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The financial markets fluctuate, gas prices are high, and the real estate market remains volatile. Isn’t it comforting to know that some things remain the same?

Life doesn’t always turn out like we planned. Therefore, it’s important that people have different options, such as those offered by New York Life’s flagship product, Whole Life Insurance. Backed by a Company with over 160 years of financial strength, Whole Life is important for its death benefits, but it also helps people with its ‘living benefits’, as well. Should something come up — a business or family need perhaps, or an economic downturn — Whole Life is there.

So What Are “Living Benefits?”

Best described as benefits available to you while you are still alive, living benefits can help you pay for life’s anticipated, and perhaps unanticipated, events, such as buying your first home, education expenses or a wedding. Funds are accessed by tapping into the cash value accumulated within your Whole Life policy, which builds over time as you pay your premiums. For Whole Life policyowners, it’s like funding their own line of credit¹.

¹The cash value in a permanent life insurance policy is accessed through policy loans, which accrue interest at the current rate, and dividend withdrawals. Loans and withdrawals will decrease the death benefit and cash value. Dividends are not guaranteed.

Consider this scenario: Dan and Janet Quan have three children, two in college, and one a senior in high school. The Quans aren’t getting as much financial aid as they had hoped, and with a third child about to enter college, things are about to get tight. But education is important to them, and they want their children to be able to fulfill their dreams. After weighing their options, they decide to access some of the cash value within their Whole Life policies, which Dan’s parents purchased for them as a wedding gift almost 25 years ago. The monies go to help pay for their children’s tuition, and they can breathe a little easier.

Think of it like this: No matter what life throws at you, the living benefits of whole life can help you adjust financially, making it an important factor to consider when discussing a life insurance purchase.

A Real Lifeline

Even some of our own New York Life Agents have seen the impact that living benefits can have — sometimes on a more dramatic scale. For instance, Agents Kevin Garry, CLU, ChFC, and Cathy Peterson, both of the Great Plains General Office have witnessed the power of living benefits firsthand — when the town of Spencer, South Dakota, was devastated by a violent tornado in 1998. “It was a tragedy,” reminisces Garry. “A large majority of townspeople were New York Life policyholders, and the Company gave me permission to issue loans to policyowners on the spot.”

“It felt good that we were able to help New York Life clients immediately, right when they needed it the most,” adds Garry. “Spencer is a very small town, and many people are self employed there. The cash value from their Life policies helped them to keep their businesses afloat while they waited to rebuild or to pay for a new car. Others used the money simply to pay their bills until they got back on their feet. For many, being able to access that cash value provided a real lifeline.”

For life’s anticipated and unanticipated events, the living benefits of Whole Life can make all the difference. In these uncertain times, Whole Life from New York Life is a solid product and although not guaranteed, New York Life has been paying dividends for over 160 years. For financial security, consider it an important part of planning your portfolio.

When buying Whole Life, you tend to think first of the benefits offered after death. Thinking of the living benefits it offers as well just might change the way you think of life insurance.