Rethinking your portfolio: Life insurance’s role in a long-term strategy

TOGETHER WITH

Protect what matters. For savvy investors at all career levels and life stages, incorporating life insurance into their financial strategy can help round out financial plans and protect what they’ve created. At New York Life, financial professionals help you build a personalized, long-term strategy that evolves alongside your life. Get started.

You’ve built a well-rounded portfolio that can support you and your family. Now what? It’s time to think about life insurance.

No, we’re not catastrophizing. Whole life insurance can be more than protection for your loved ones should something unexpected happen. It may be another piece in the wider puzzle of your portfolio.

Rather than viewing life insurance as an isolated asset separate from savings and investments, consider how it can complement a broader financial strategy. Whole life insurance can bring protection and cash-value growth together to support long-term goals.

Whole life insurance isn’t exclusive to folks who are just starting to think about retirement, either. Savvy investors at all career levels and life stages may benefit from adding life insurance to their portfolios if they have protection needs.

By establishing a diversified, goal-based financial foundation, you can help protect your loved ones’ futures from market uncertainty, inflation, and other external risks. After all, your portfolio can’t rely on returns alone. You need protection, growth, and gains to work together.

We teamed up with New York Life to learn about the role life insurance plays in your portfolio, how it works alongside your existing assets, and how it interacts with complex financial goals. Let’s get started.

Starting early

It’s not cliché to say that it’s never too early to start planning for your financial future. For young, affluent professionals, financial success isn’t the accumulation of assets. Instead, they view success as building a healthy financial infrastructure that can protect them as they grow.

Creating a strong, well-rounded portfolio in early career stages helps support future goals and responsibilities alike. As young professionals’ careers, families, and responsibilities evolve, their financial planning becomes more interconnected and, well, complicated. Put simply, they may not want to rely on investments alone.

By adding that third bucket of protection to their financial portfolios, young professionals can help reduce their reliance on just one category. They can create a steady base that weathers market downturns, unexpected life events, and anything else thrown their way.

Steady and stable

It’s impossible to know for certain what’s waiting around the corner, and predicting what could happen is just as difficult. With life insurance, individuals can prepare—as much as is possible—for the unexpected.

Behavioral economist Shlomo Benartzi has written about the importance of considering protection and growth together rather than as separate financial decisions. That’s where life insurance comes in.

Life insurance can help stabilize a wider financial plan when it works in tandem with savings and investment strategies. That being said, it can’t replace savings or investments, and it can’t work alone. Life insurance can complement the other aspects of a financial plan.

As financial situations become more complex, life insurance serves as more than a safety net. As individuals expand their families, buy homes, take new steps in their careers, and try new things, it’s more important than ever that they create a plan. Life insurance becomes an important tool to help them build confidence in their future while protecting the things that matter most.

Protect what matters most

Building a strong financial foundation starts with seeking trusted guidance from a financial professional. New York Life’s financial professionals help individuals prepare for the future by developing strategies that integrate protection and growth within one coordinated financial strategy.

At New York Life, financial professionals help clients build personalized, long-term strategies that evolve with their goals and life stages. They focus on more than life insurance and work with individuals to understand their goals. By taking a long-term view, New York Life professionals help clients build financial strategies designed to evolve with them as their lives, priorities, and financial needs change.

Planning ahead

No matter where you are in your life or career, now is the perfect time to plan for your financial future. By creating a well-rounded foundation of savings, investments, and life insurance, you can help protect what matters as you grow.

Explore how life insurance fits into a broader financial strategy.