For those who follow sports, you’ve probably heard of multipurpose players.
The running back who can rush for 1,000-plus yards and catch at least 50 passes each season.
A five-tool baseball player who can hit for power, hit for average, steal bases, field his position, and has an above-average arm.
The LeBron-like basketball star who can defend every position, run the floor, orchestrate the offense, shoot 3s, and score in the paint.
Why buy life insurance?
The financial world has its own version of a multipurpose player. According to the 2019 Insurance Barometer Survey, 53% of Americans are at least somewhat likely to purchase a combination life insurance product.
The top reason is perhaps most telling: 36% of people say they would buy a combination life product to protect their retirement savings from being depleted by long term care expenses.
“One in three consumers are attracted to the flexibility and value of the product,” said the press release from nonprofit Life Happens, “allowing them to address multiple financial risks simultaneously and saving the expenses associated with separate policies.”
As Transamerica champions the connection between Wealth + Health℠, these stats come as no surprise. People’s lives change naturally over time, and they have to make financial decisions today without necessarily knowing what their needs will be in five, 10, or 20 years.
Expand your financial strategy
When I was starting a career and a family nearly 30 years ago, multipurpose products weren’t readily available. You bought insurance in separate pieces without knowing what benefit you’d need down the road. It’s like having to pay the electric company as if your lights, appliances, and air conditioning were on 24/7 — instead of only paying for what you use.
That’s why index universal life insurance can be a valuable part of a financial strategy. You can use it to accumulate wealth to generate retirement income. It has a death benefit that may help protect your family should something happen to you. It may have optional living benefits in case you need help covering medical expenses or in the event of a critical illness. And, finally, it may offer long term care benefits that can pay out if you enter a long term care facility. These optional benefits have additional fees and should be considered before purchasing any insurance product.
I want to be clear, there’s a difference between a multipurpose product and something that’s “one size fits all.” Think of a Swiss Army knife. It’s not asking you to use a knife as a screwdriver or a screwdriver as a pair of scissors or a pair of scissors as a corkscrew. They’re all available as needed without having to buy each tool separately.
So why not take advantage of investment or insurance products that allow you to tap into the strategy that fits your needs at any given time?
Whether it’s ride-hailing, hourly rental cars, or scooters by the minute, society has moved to use-based solutions. We may not be able to run for 1,000 yards, catch 50 passes, hit towering home runs, steal bases, or shoot the 3, but Transamerica is evolving as well.
We’re committed to helping people save and invest for the future, help protect their family’s quality of life so they can work toward, and ultimately enjoy a healthy, happy retirement.
That’s our definition of a multipurpose financial services provider.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as, medical, insurance, securities, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.