Reader’s Question:

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.