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|Life Insurance Guide & Rates NY |
Insuring your life, securing your families future. Life insurance can help provide continued financial support for your loved ones. Without you, their lives may never be the same. But that doesnt mean their financial lives have to change.
The importance of Life Insurance - a letter to Ann Landers.
|Life Insurance Guide New York State|
How it works is simple: you pay premiums as required by your policy and, should you pass on, your insurance company pays out a benefit to the person you name as your beneficiary. This can be anyone you choose a family member or someone whos just like family.
Life insurance can be a simple, reliable way to help provide for your familys future. The protection it offers has many benefits.
Quick availability for urgent needs. Although life insurance benefits are included in your estate for estate tax purposes, they generally pass to your beneficiaries income tax-free. This means more money is available sooner to cover funeral costs or other immediate expenses. Benefits are usually free from the delay of probate.
Choose a policy that best meets your needs.
There are two basic types of life insurance policies: term and permanent. Both pay a death benefit but work in different ways to meet your needs.
Term is for a set period of time.
Term Life insurance is a great way to get maximum income replacement/protection at a very affordable price. Usually Term insurance can be converted to a permanent policy latter in time. Term is usually less expensive because it only covers a set amount of time such as 5, 10, 20 or 30 years. You choose the length of time and the amount your policy is worth. Then, your beneficiary receives the death benefit specified in your policy if you die before that term is over.
Permanent is for life.
Permanent life insurance has no term limits. It continues as long as you pay your premiums. In addition, your premiums are used to create returns. This provides cash value, which for fixed life insurance usually accumulates at a guaranteed minimum interest rate and is available to help fund retirement, emergencies and more.
There are many different types of permanent life insurance, most of which provide a cash value. The most basic way to break them down is into fixed and variable. With fixed, your cash value earns a fixed rate of return. With variable, you have more control over how your cash value is invested, and your return may vary.
This type of insurance is broader than whole life in that it gives you more flexibility. For example: After paying a set initial premium, you decide when and how much more you want to pay into your policy. But you must maintain enough cash value in the policy to cover the cost of insurance and related charges. You can skip payments as long as your cash value is adequate to cover the cost of insurance and related charges. You can increase or decrease your death benefit amount without buying a new policy (subject to additional terms and conditions).
Variable Universal Life
This option combines some features of universal policies: The option of investing your premiums in one or more sub-accounts, ranging from conservative to more risky. After paying a set initial premium, you decide when and how much more you want to pay into your policy. You can increase or decrease your death benefit amount without buying a new policy (subject to additional terms and conditions). Your cash value growth increases or decreases depending on the performance of your investment choices.
Also known as straight life, this is the simplest form of permanent life insurance. Key features are: The premium remains the same throughout the life of the policy. (Start young and this amount will be lower.) Cash value grows based on a guaranteed rate declared by the company each year. Opportunity to borrow against the cash value at the current policy loan interest rate.
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