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New York life insurance helps bridge the gap between your dependents' financial needs and monies available to them through other sources in the event of your death. But life insurance issues can be complicated, and many consumers spend large sums of money every year on premiums that are not well suited to them, their families and their lifestyles.
Nearly 140 insurers currently write New York life insurance policies, according to the New York State Insurance Department. Over $188 billion are generated annually through these insurers.
Why Buy Life Insurance?
Choosing the right New York life insurance company-and the right coverage at the right price-is vital to ensuring your family's protection in case of your death. Analyze your family's lifestyle, determine other financial sources available to them, and choose a policy that would meet their needs in your absence.
Your family can use your New York life insurance to:
Basic Policy Types
Two types of life insurance can be purchased in New York.
Term life is the simplest form, and provides financial protection for a temporary period of time. This type of policy may or may not be renewable. New York term life policies are normally written for individuals who need large amounts of coverage for specific time periods. Initial premiums for New York term life insurance are usually much less than for permanent life insurance, but they may increase each year (or remain level) for a specified period. Term life insurance provides good coverage for young New York families raising children or paying off mortgages. These policies are, however, short term solutions and do not build equity-but monthly costs are low, so individuals with limited resources are able to purchase life insurance protection in New York. Most term life policies do not accrue cash value.
Permanent insurance provides New Yorkers with long-term financial protection. This includes both a death benefit and, in some cases, cash savings. Permanent insurance equity builds over time-but premiums are higher than those of term insurance. Rates usually remain the same once the policy is purchased. Those who are attempting to meet long-range financial goals do well utilizing this type of insurance.
Determination of Premiums
New York life insurance premiums are based on three concepts: mortality, interest and expense. Because life insurance premiums take into consideration the shared risk of death by a large group of people, an insurer can use a mortality table to determine the average life expectancy for each age group.
New York life insurance companies invest your premiums, assuming they will earn a particular rate of interest from these investments as profit. After company expenses are taken into consideration, the insurer then arrives at a premium amount.
"How much life insurance should I buy?"
Determining your current need for life insurance and how much you can afford to spend is the first step in deciding how much New York life insurance to buy. Some of the other factors you should consider in making this determination are:
New York law requires life insurers to provide a "free look" period of a minimum of 10 days and a maximum of 30. This allows you time to review the policy, decide whether it is right for you, and cancel it without penalty.
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Don't delay…do it now! Your family's future may be at stake.