No one likes to think about the scary possibilities that may lie ahead, but when it comes to making sure your family is protected in the long term, there’s nothing scary about it. Having the foresight to have a secure New York life insurance policy in place can ease tremendous burden in the event of your absence. Investing in life insurance now gives you the peace-of-mind to best enjoy the life you have. We offer several different types of life coverages. Since some are better suited than others depending on your family’s needs, it’s best to consult one of our certified New York agents.
A Term Life policy offers protection for a certain amount of time. If you die before that term is over, your beneficiary will receive the death benefit stated in your policy. Should you live beyond that term, your beneficiaries won’t receive a payment. A Term Life policy is the most basic of the New York life insurance policy options, and often the least expensive.
A Permanent Life policy serves two purposes: to help you financially support your family should you die, and to help you build wealth. As the name states, a New York Permanent Life insurance policy stays with you permanently. The premium you pay is invested, producing returns that can help you fund retirement, emergencies, and more.
There are two types of New York Permanent Life Insurance policies:
A Whole Life policy accumulates value based on a fixed rate. Your premium will remain the same for the length of your policy, which is as long as you live. You can borrow against a Whole Life policy at any time at the policy’s current loan interest rate.
A Universal Life policy typically offers more flexibility than a Whole Life policy. After your initial premium, your premium is based on how much and when you want to pay. You have the option to skip payments, so long as you know your policy’s cash value can cover the cost of the policy. A Universal Life policy also gives you the freedom to alter your death benefit amount without buying a new policy.