Since many Millennials aren't relying on Social Security for retirement, they need a reliable means to save for the future. Many of them came to age during the 2008 Great Recession, so the idea of storing all of their hard-earned money into the marketplace is a risk they may not want to take. Also, when it comes to finances, research shows they're more conservative than Gen Xers and Baby Boomers.
That's where our Horizon Guarantee™ whole life product comes into play. While the concept of using the cash value of participating whole life as way to supplement their retirement income or for any other reason they may so choose is not new, it may be unfamiliar to Millennials.
Say, for example, a male, age 35, who has a steady stream of cash flow and is looking to diversify his savings for retirement. With Horizon Guarantee, for a guaranteed level premium, he'll receive a guaranteed death benefit and guaranteed cash values and non-guaranteed dividends that grow tax-deferred.
His policy will also allow him to access to cash values.
As he gets older, he may elect a Reduced Paid-Up (RPU) policy and change the dividend option to cash. This could give him a paid up death benefit amount with no more premiums due—ever.
In this digital age, Millennials have access to information. What they want access to is knowledge, experience, and expertise. If you want to see how whole life insurance can help diversify your finances and help prepare for retirement, click here.
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