Life Insurance

 life insurance

Affordable life insurance in New York, NY.
Protect your loved ones in the event of your death
with one of our life insurance plans.

Life Insurance

 

Having a life insurance policy is so important, I feel it should be a law in all fifty states that parents and anyone who has someone depending on them should be required to purchase it. Life is so unpredictable and leaving your loved ones to grieve the loss of you on top of no financial support should never be an option.

 

Do I Need Life Insurance?

 

Life insurance needs vary depending on your personal situation. If you have no dependents, you probably don't need life insurance. If you don't generate a significant percentage of your family's income, you may not need life insurance.

 

If your salary is important to supporting your family, paying the mortgage or other recurring bills, or sending your kids to college, life insurance is important to ensure that these financial obligations are covered in the event of your death.

 

How Much Life Insurance Do I Need?

 

It's difficult to apply a rule-of-thumb because the amount of life insurance you need depends on factors such as your other sources of income, how many dependents you have, your debts, and your lifestyle. The general guideline is between five and ten times your annual salary.

 

Term Life Insurance

 

Term life insurance is the best type of life insurance to purchase. The rates are generally lower, which will allow you to purchase more life insurance for less money and frees up room in your budget for other things.

 

You purchase term life insurance for a set number of years ranging from ten up to thirty or forty years. The rate should stay the same the entire length of the term, but once the term is over you will no longer have life insurance. This is why the rate is lower. Additionally you do not receive money at the end of term policy. The only way that the policy will pay out is if the person the policy is for passes away.

 

Whole Life

 

In this more traditional life insurance policy, the premiums stay the same over the life of the policy, which stays in effect until your death, even after you've paid all the premiums. A cash reserve is built up, but you have no control over how it's invested.

 

Variable Life

 

Variable life polices build up a cash reserve that you can invest in any of the choices offered by the insurance company. The value of your cash reserve depends on how well those investments are doing.

 

Universal Life

 

You can vary the amount of your premium with Universal life insurance policies by using part of your accumulated earnings to cover part of the premium cost. You can also vary the amount of the death benefit. For this flexibility, you'll pay higher administrative fees.