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Reasons to buy insurance are different for everyone. But the decision to purchase insurance is, at its core, all about providing financial security for yourself and the ones you care about. 


Why is life insurance important?

Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses. Life insurance provides cash when you need it most. Your life insurance policy can deliver a specified sum of money when you need it. Upon your death, your family will receive your policy payout immediately. And that death benefit is generally not subject to federal income taxes. For example, a $500,000 policy provides $500,000 in death benefit proceeds directly to your beneficiary.

Reasons to Purchase Life 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, so that you and your loved ones know exactly what you’re getting. 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:


Guaranteed Protection

If you have a family, a business, or others who depend on you, the life insurance benefit of a whole life policy acts as a financial safety net. When you die, your beneficiaries will receive a lump-sum payment that is guaranteed to be paid in full (provided all premiums are paid and there are no outstanding loans). It’s essential protection that you can count on to be there for your loved ones when needed.

Income Replacement

Imagine what would happen to your family if the income you provide suddenly disappeared. With whole life insurance, you can help make sure that your loved ones have the money they need to help:

  • Pay the mortgage
  • Afford childcare, health care, or other services 
  • Cover tuition or other college expenses 
  • Eliminate household debt
  • Preserve a family business


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.


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: 

  • Supplement retirement income 
  • Fund a child or grandchild’s education 
  • Pay off a mortgage 
  • Protect existing assets 
  • Establish an emergency fund 


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.


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.



Reasons to Purchase Auto Insurance

Car insurance offers financial protection. 

If you cause a car accident, you may be held responsible for costs associated with it. These may include legal fees, the injured person's medical expenses or their lost income if their injuries leave them unable to work. Liability coverage may help pay for these costs. Without liability coverage (or adequate liability limits), you would likely have to pay these costs out of your own pocket.


Your lender or leasing agent may require auto insurance. 

If you're financing or leasing your vehicle, your lender may require you to purchase collision coverage and comprehensive coverage. Since the lender or leasing agent is the lienholder of your vehicle while you're making payments, these two coverages may help protect their investment. Comprehensive or collision coverage may help pay to repair or replace the vehicle if it's damaged in a covered loss. If you have gap insurance on your auto policy, this coverage helps pay off your car loan if the vehicle is totaled or stolen and you owe more than its depreciated value. Gap insurance is optional, and it typically works with collision and comprehensive coverage.


Car insurance can help protect you from the cost of repairs. 

Even if you own your vehicle outright, you may want to have collision coverage and comprehensive coverage on your car insurance policy. While mandatory liability coverage helps pay for damage to another driver's vehicle, it's important to have coverage for your own vehicle. For example, what if your car is damaged in a hailstorm? Comprehensive coverage may help pay for repairs or replacement if your car is stolen or damaged by something other than a collision, such as falling objects or fire. Or, say you accidentally hit a mailbox and damaged your car's front bumper. Collision coverage may help pay to repair your car if you hit another object or vehicle, regardless of fault. Without comprehensive or collision coverage, you would have to use your own money to get your car fixed.


Auto insurance helps protect your passengers.

Medical payments coverage and personal injury protection may help pay for your medical bills if you're injured in an accident. It also may help cover your passengers' expenses due to the accident. This coverage may help pay for hospital visits, doctor bills and surgery.


Auto insurance helps you protect yourself. 

Even though liability coverage is a legal requirement, many people drive without it. Uninsured motorist coverage may help pay for your medical bills if you're hit by a driver without insurance. This coverage is required in some states and optional in others. Having the proper car insurance coverage in place can go beyond fulfilling a legal requirement. A car insurance policy may help protect your vehicle, your wallet and even offer peace of mind.



Why Is It Important To Have Business Insurance?

Business insurance is essential to the success of your company. Insurance can help cover the costs of property damage, legal fees and even help with lost income during difficult times. When you have the right types of coverage, you can focus on running and growing your business.

Business owners face risks everyday as part of normal operations. So, it's important to have protection. While there are many reasons to have insurance, the top 10 reasons for insurance coverage are:


Certain Types of Business Insurance Is Required by Law

States may require certain types of business insurance coverage. For example, most states require you to carry commercial auto insurance if you drive business-owned vehicles for work.

Even if your business doesn't need to carry a certain type of coverage, it can still be helpful to have. The benefits of insurance could protect you from financial loss and can help you if:

  • A customer sues you after getting hurt at your place of business.
  • A fire destroys your building or inventory.
  • Someone steals a client's computer with their personal information on it.
  • Your employee gets into an accident while making a delivery.



Business Insurance Protects Your Employees

One business insurance coverage that most states require is workers' compensation insurance. It gives your employees benefits if they have a work-related injury or illness. This type of insurance can help cover:

  • Medical bills
  • Missed wages
  • Funeral benefits

Workers' compensation benefits can help your employees recover and return to work. Be aware that workers’ compensation offers different protection than unemployment insurance programs.



Business Insurance Protects You From Everyday Risks

Many small business owners start with a Business Owner’s Policy (BOP) as a foundation for their protection. It combines general liability, business property and business income insurance into one convenient policy.

A BOP can help protect your business from property damage and claims that it caused bodily injury or damaged someone else's property. It can also help replace your lost income if you can't operate because of covered property loss.



Business Insurance Builds Credibility

Your business insurance does more than protect your business. Having the right coverage shows your customers and contractors that you're serious about managing risks. It also helps communicate to everyone that you’ll provide the right protection, no matter what accident occurs.



Contracts May Require Business Insurance

As you work with more customers and clients, your contracts may require you to carry business insurance. You may need coverage for:

  • Renting a building from your landlord
  • Borrowing money to finance goods
  • Loan agreements
  • Clients agreements



Business Insurance Can Help Recruit and Retain Employees

Employees look for more than just a salary as they search for jobs. They’re also looking for the right benefits, like life and health insurance. Businesses without insurance often miss out on attracting and retaining the best employees.


Business Insurance Protects Management

Your management liability insurance can help cover the owner, CEO or “key person” that runs your business from costly lawsuits. Management liability insurance can help protect those working for nonprofit organizations and publicly traded companies. You may be able to add management liability insurance coverage to your BOP.


Business Insurance Protects Against Natural Disasters

Most states suffer from various natural disasters, like: 

  • Fires
  • Tornados
  • Hurricanes
  • Lightning

Having the right coverage, like commercial property insurance, is important to protect your business if disaster strikes.

To protect your business against flooding and help cover the cost of flood damage, you'll need commercial flood insurance. This coverage is available through the National Flood Insurance Program (NFIP).


Business Insurance Helps with Lawsuits

Every company can get sued and face legal fees. One of the reasons you need business insurance is to help cover your legal costs.

For example, if you have an injured employee that sues you, your workers’ compensation insurance policy can help pay the legal fees. Or if a customer sues your business for making a mistake in the professional services given, you'll need professional liability insurance coverage.


Business Insurance Offers Peace of Mind

Small business owner happy knowing When Do You Need Business Insurance With the right type of coverage, you can focus on operating your business. Because if the unexpected happens, you'll know you're protected.


Get a Free Business Insurance Quote

We understand the unique risks business owners in different industries face. 
Our specialists can help you figure out which type of small business insurance you need.