Ordinary People Doing Extraordinary Things: Michael Pearce

This week we had the chance to sit down with Michael Pearce, an agent at New York Life Insurance Company, and talk about giving back to the community, what makes New York Life unique, and the value of life insurance at all ages! Read below to find out what he said. 

RE: “Realty Executives, as a company, likes to give back to the community. We know that’s something you value as well, so how do you give back?”

MP: “I like to provide an awareness of financial planning in the future, long term care for elderly folks, how to start a savings and retirement plan for younger folks without the ability or tenacity to put the money aside for the future. We have Term Insurance Programs, in the event of a catastrophe, in addition to items that accrue, like Whole Life which also has benefits. The goal is to bring in an awareness. The majority of people don’t have a plan in place.” He also said he likes to “donate time to somebody who may need something done around the house, or put a team together when someone needs help and doesn’t know where to turn.”

RE: “What age groups do you reach out to about life insurance?”

MP: “I don’t like to limit who I’m working with because everyone needs the service.”

RE: “What should millennials know about life insurance?”

MP: “[New York Life’s] Whole Life Program gives you the ability to start setting money aside. In the event of a catastrophe, it takes care of that, but more importantly, it starts building cash value throughout your life. You could use the money to buy a home, to invest, you can pull that money out in the future without restrictions. It helps millennials save money for the future and acts as an emergency plan. We don’t have shareholders, so [New York Life] pays dividends directly to their [policy owners]. That money grows and accrues. Savings accounts are a thing of the past, they don’t really help you gain money.”

RE: “We’ve been hearing a lot about assisted-living insurance as the U.S. population ages. What can you tell us about that?”

MP: “It’s called Long Term Care in the market. It takes the financial burden off older folks who would have no means of paying for that care. Medicaid and Medicare have a lot of restrictions. [Long Term Care plans] allow people to stay in their home. [This type of insurance] has been around for awhile, but it’s really gaining steam now. It’s affordable, but you have to qualify.”

RE: “What sets New York Life apart from the rest? What do they bring to the table?”

MP: “It’s the #1 Mutual Financial Services Company in the country. It’s been around since 1845, and has been paying dividends to its clients for over 160 consecutive years… If we paid off all our debts, New York Life would still have 22.7 billion dollars in reserve. That’s why I work for them, because they’re #1.”

To learn more about Term Insurance, Whole Life Programs, and the other great options New York Life has to offer, go to www.newyorklife.com.