Life Insurance in New York

What Are my Life Insurance Options?

In the state of New York, no state law requires Life Insurance, but it’s a good idea to consider one to have as protection for your beneficiaries. Who will protect them after you’re gone? Who will pay for your funeral arrangements? These are all questions that should be addressed while you’re still above ground! Funeral costs have gone up exponentially over the last 30 years or so and having protection in place to take care of those costs will be a great peace of mind to have in any situation that may affect your future.

There are two main policies for life insurance, Term Life and Whole Life insurance. We will look at both policies and what they bring to the table. Term Life policies cover you during the term of your policy. For instance, you purchase a 30-year policy when you’re 40 years of age. This will cover you until you’re 70 years of age. This also locks in your price when you purchase your term. Therefore, term life insurance increases the later you start it. Buying term life when you’re 40 is much cheaper than trying to purchase term life when you’re 65. The older you get, the more you’re deemed “uninsurable” due to the increased likelihood of health issues. You can also pay a little more and have a “return of premium” term life insurance which pays your premiums back at the end of the term if you feel you’ll outlive your term insurance.

Whole Life insurance covers you for the entirety of your life; premiums also build up a cash value in your policy. You can access that cash later if you need to for any purpose. There are also riders that you can purchase on top of the whole life policy. Riders that you could buy include accidental death, disability income, level term, accelerated death benefit, long term care, premium waiver, and others.

V.A.C. Insurance Agency in Brooklyn, NY can cover Life Insurance for New York residents. Contact a V.A.C. Insurance Agency agent today to find the coverage that you need in Brooklyn, NY and beyond!