Life Insurance

The Value of Life Insurance

Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living.

Assessing Your Need

The amount of life insurance you select should be dependent on your personal and financial needs. We can assist you in determining an appropriate amount of coverage and help you decide which type of life insurance is right for you.

Types of Life Insurance

There are several different types of life insurance products available. The most common include:

Term Life Insurance

Term is the simplest and least expensive form of life insurance. It provides life insurance protection for a specified period of time. In New York, you can purchase a policy with level premiums for 5, 10, 15, 20, 25 and 30 year periods. Furthermore, term insurance is usually convertible to permanent coverage, providing you with flexibility as your needs change.

Whole Life Insurance

Whole life is a form of permanent life insurance that remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.

Universal Life Insurance

Universal life is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.