Buy Life Insurance in New York
Reader’s Question:
I’m a systems analyst working for a software company in Buffalo New York NY. I’ve read about whole life and term insurance. Which one should I get?
Alvin
Buffalo, NY
Here’s a bit of history. In the beginning there used to be just term insurance, Alvin. Convenient, isn’t it?
People then bought a life insurance policy in Buffalo New York NY and other states for a fixed term, say 10 years. So if Mr. X purchased his life insurance policy on February 14, 1960, the same expired on February 14, 1970. Now, the sad part: when Mr. X died on February 15, 1970 his family got nothing because his life insurance policy was no longer in force. The fact that Mr. X paid premiums on it every Valentine’s Day for the past ten years didn’t matter at all.
This situation caused dissatisfaction among the people everywhere, including Buffalo New York NY. To avoid losing business, life insurance companies told their actuaries (the people who compute life insurance premiums) to design a product that made sense to the public. The result was whole life insurance.
A whole life insurance policy that you shall get in Buffalo New York NY covers you for a lifetime. It gradually accumulates savings in the form of “cash value”. However, it costs much higher than a term life insurance policy. Fill in the form on this page for information on life insurance policy prices.
I suggest that you see a life insurance professional in Buffalo New York NY for more details.
Life Insurance Companies in New York
Reader’s Question:
I’m 26 and I plan to purchase a life insurance policy. My friend told me that some life insurance companies require medical examinations. I would like to know the information that we need to provide during medical examination.
Janet
Buffalo, NY
Life insurance companies may require their policyholders to get a medical examination for the purpose of assessing accurately the risk. Medical examinations are usually required to people who are considered to be at older age and those who want to purchase higher life insurance premium.
If you were asked to take a medical examination, there is little information that you need to provide them. Doctors may check your eyes, ears, nose, throat, height, weight, pulse rate and blood pressure. You will be asked for the last period when you had your medical examination and why. Complete and detailed information can help in easier issuance of life insurance policy. If you were hospitalized, the life insurance company would like to know the reason, the result and whether you have already recovered. They will also ask you if you are taking any medications and its purpose. Urine specimen, blood sample, oral sample, chest x-ray or EKG may be required. The life insurance company may need your signature to authorize them to request medical information you had in the past. If a problem is uncovered on the initial medical examination, the life insurance company may require you to take a second medical examination or more.
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