Reader’s Question:

I’d like to know more about term life insurance. I’m interested in getting one from a major life insurance company here in New York. Can I please get a rate quote for term life insurance?

Jeanne

Oyster Bay, NY

Term Life Insurance Policy is one kind of life insurance coverage that provides income or payments to designated beneficiaries in the event of the insured’s demise during the coverage period. Unlike Whole life insurance policies you are not required to maintain the policy for the length of your lifespan but you do have the option to renew your policy after the maturity date. Also unlike whole life insurance policies, term life does not have any savings features that accumulate your money or premiums over the length of the coverage period, so don’t expect to receive any lump sum of money after your policy expires.

However, if you are just looking to get coverage for a specific period of time only, ten or twenty years, or maybe your type of work compels you to get life insurance coverage due to frequent exposure to hazardous or dangerous situations or places, then term life insurance would be a good option for you there in New York.

If you are looking at reducing costs it is highly recommended that you shop around and get a good idea of the available term life insurance policies available. The Internet is a great way to do this, as there are a number of life insurance portals available to give you accurate and timely quotes. Keep in mind that the cost of term insurance gradually increases as you get older but compared to other types of life coverage, with the same amount of benefits, term life insurance still comes out the cheapest.

Hi. I’m a tattoo shop owner here in New York. I’m just wondering how much life insurance I need. Do they come cheap? Can I buy them online?

Grayson

Brookhaven, NY

Having your own life insurance and at the same time being able to have full control over it can be very advantageous to you. Having the knowledge about your own life insurance can significantly save you from being underinsured. Most people generally purchase life insurance using the general rule of buying eight to ten times their household income. Some buy premiums amounting to $100,000 to $500,000. And then there are those who don’t even try to determine the proper amount of life insurance policies that they should buy.

The process is actually simple, but people find it distressing to think about dying.

The first thing that you should consider is the immediate necessity of your family. Within the first few months of your death, there are a lot of expenses that need to be taken care of, like funeral expenses and other administrative costs. It is also necessary to consider paying for your unpaid debts and bills, credit card debts and other consumer loans that you might have. You need to determine the amount needed in order to pay any outstanding balance on your residential mortgages. It is also critical that you consider allocating money as an educational fund for the children you’re leaving behind.

Finally, you need to assess how your family is going to survive financially after you’re gone. It’s up to you to decide whether your family will live off the principal paid by the life insurance company or use the money as an income replacement. Just make sure that the money can last until your children finish college.

The above stated considerations will be able to help you determine the amount of life insurance you need. Call your local life insurance agent there in New York to help you figure out your life insurance quotes. And, yes, you can even get free life insurance quotes online, so you’ll know if they are, in fact, cheap by your standards.

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.

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.

I have a pretty serious history of mental health problems. I tried to commit suicide a few years ago and have been taking medication ever since. I’m thinking that the cheapest New York NY life insurance quotes online are completely out of my reach, but am I right?

Jasmine

Great question, Jasmine.

Even though you have attempted to commit suicide in the path, the cheapest New York NY life insurance quotes online might still be availble to you, although it isn’t certain. It’s a good thing that you say a few years, for it’s best to hold on for at least tw years after you have tried to commit suicide before applying for life insurance. Your chances for getting good rates get better after those two years.

However, if you have a suicide attempt, or even more than one, then your life insurance companies will be much more vigilant about your application, and much more likely to charge you higher rates. If you want to still get the cheapest New York NY life insurance quotes online, then you have the burden of proof to show them that you have been undergoing treatment for your mental illness, and that you are stable.

Stability is the main thing. If you can hold down a job, go to your doctor’s appointments, pay your bill, go to school, and so on, then you have a lot of proof backing you up that you aren’t a risk. However, if you get too depressed to work often, have to be hospitalized, and so on, then it’s harder.

take care,

Fashun

I’m on a tight budget here in New York but I am still interested to get a life insurance policy, what would be the best kind for me?

Tom

Babylon, NY

Of course everyone would like to get a cheap life insurance policy but the best kind of life insurance would really depend on a few things, namely:

” Your Age.
” Your health background and family’s medical history.
” If you smoke or not.
” The kind of lifestyle you have or the kind of activities you participate in, whether they are hazardous in nature or not.
” If you have any long term financial obligations such as student loans, mortgages etc. of if you are raising a family.
” The amount of life insurance coverage (Face Value) you are buying.

So it would be a very good idea to understand your circumstances based on the above factors to help you understand the kind of life insurance coverage that is right for you. Cheap Life Insurance doesn’t necessarily mean that its the right choice. Remember, this is a long term commitment and you don’t want to throw your money to waste.

If you are on a tight budget and, lets say, you are relatively young and without any life-threatening illnesses, then you would benefit more if you get a term life insurance policy there in New York. Term life insurance is probably the cheapest available life insurance policy, enabling you to take advantage of very high death benefit amounts for a comparably low monthly premium. Plus, you are only required to maintain the policy anywhere from ten to thirty years, depending on your needs.

I’ve been enjoying success with my business (despite the economy) for a while now so I’m thinking of investing. Is a whole life insurance policy a good investment?

Keisha

Buffalo, NY

Among the many types of life insurance coverage, whole life insurance is one of the most expensive. However, it’s a kind of policy that has tons of features which people looking into the long run may find attractive. But is it the right kind of policy for you?

Whole Life Insurance as an Investment

In a nutshell, whole life insurance policies are not the best financial investment option around. Other investment vehicles like mutual funds, the stock market, and bonds can actually offer higher interest rates or gains compared to what you get out of a whole life policy. Whole life insurance has a cash-value feature, where a portion of the premiums you pay are siphoned into. Sure you can sell your policy at a later date, for a fixed-price but again, with discipline and a bit of a know-how regarding investing, you can probably earn with something else.

Advantages of Whole Life Insurance

Whole life insurance is great for those who want to prepare for their golden years. This type of coverage starts to pay-off if you hold on to if for a very long time (say 20 years or more) since the amount of accumulated cash-value may already be enough to pay for the basic premiums and other cost of keeping the policy. So the policy actually gets cheaper the longer you own it.

The Bottom Line

If you are looking to grow your money in the long-run, whole life insurance isn’t your best choice. However, if you are more focused on saving up for old age, preparing for funeral costs, and maybe want to have a way to loan money on your policy whenever you need to, then whole life insurance is a good option.

Tags: whole life ins

I was told not to go with a no medical exam life insurance since I’m just in my mid-30s. Why should I buy (or not buy) life insurance without a health exam?

Lee

Albany, NY

Good question. A no health exam life insurance policy is a type of coverage that will either save you money or cost you more. This is because this kind of life insurance is not for everyone. No health exam policies cater to a market that either has a hard time getting live coverage (due to some medical or health condition) or does not want to undergo the rigors of a health test. This policy is more expensive than your average life insurance plan, since the insurer is taking a bigger risk for not knowing your state of health.

So a no health exam life policy the best type of life coverage for you? It would depend; unless you have a medical condition that makes you uninsurable then it will make more financial sense to go with regular life coverage instead (and take the medical test). This prevents you from paying unnecessarily higher life insurance premiums there in New York (or wherever you may be).

If you have had a hard time getting life insurance coverage due to health or medical reasons, then a no health exam life insurance plan is your best (and sometimes only) option. It would be more cost-effective for you to do so. Also, these days you can maximize your ability to get the best rates by using life insurance comparison websites. It allows you to access and compare the latest offers coming from a wide-variety of life insurers today.

I need to buy a life insurance policy in New York, how do I choose the best one for me?

Ravilind

Babylon, NY

Good question. Each person has different financial goals, needs and circumstances at every stage of their lives. This fact greatly influences the kind of life insurance policy that is best for someone. Before you can choose the best life insurance in New York for you, ask yourself first why you want to take out a policy.

You may want to get your life covered because you are supporting a household, raising a family, sending kids to school, or paying long-term debts like mortgage. You want to make sure that your dependents are covered financially and are not left the burden of huge debts in case of your early exit.

If this is so, then Term life insurance coverage is the best kind of policy for you. This is by far the most popular type of life insurance because it’s a simple, no-frills kind of life insurance that does not have to be maintained for life. It is also the cheapest type of life insurance coverage because it lacks the savings feature of permanent or whole life coverage

If you prefer to accumulate your wealth gradually, earning interest gradually over the long run while providing you lifetime coverage and a huge lump sum of money waiting for you if you live to be 100 years old, or for your beneficiaries after your death; then a permanent or Whole life insurance plan is what you’re looking for.

Whole life insurance coverage, and its many variations (Universal Life, Variable Life, Variable-Universal Life etc.) are good for people who don’t mind paying higher amounts of premiums in the initial coverage years, in exchange to building up the policies cash-value amount, earning steady interest, in exchange for cheaper premiums in the later coverage years.

The Interest your policy earns is tax-deferred and you can your cash-value to take out a loan.

So in the end, the best life insurance in New York (or anywhere) is the one that fits your needs and requirements the best. To get the best-priced life insurance policies, be sure to use the many online life insurance portals to get free rate quotes and compare for the most affordable offers in the market.

How do Cash Value Life Insurance Plans work? And should I listen to my life insurance agent/ friend here in New York and get one?

Brent

New York, NY

Cash Value Life Insurance Policies are a kind of life insurance that is meant to be kept for the duration of the insured individual’s lifetime (meaning very long-term). This kind of insurance accumulates enough money in the beginning years of the coverage to make sure that your can maintain an affordable level of life insurance premiums in the later years or when you are much older, where life insurance costs are usually either very expensive or prohibitively costly.

Before you sign-up for any form of life insurance coverage there in New York, it is first very important to understand why you need to get insurance in the first place. Knowing your personal needs and the future financial needs of those who rely on your income is the key to gaining the right kind of life insurance policy. And of course, who would want to be in a situation where they have been paying a policy for years, only to find out, eventually, that it was the wrong kind?

Whole Life, Universal Life and Variable Life are good examples of Cash-Value policies. Unlike an initially affordable term life insurance, these policies costs comparatively more in the first few years of coverage however, keep in mind that part of your premium actually goes into a form of ‘savings account’. The insurance company may choose to pool policyholders money into investments that allows them to grow your money over time (without being taxed!). Kept long-enough, your cash-value policy may even be able to pay for itself eventually.

Tags: Life insurance advise, cheap life insurance, Life Insurance, Cash Value Life Insurance, affordable life insurance