Reader’s Question:

I am currently becoming a sucker for life insurance in Babylon, New York NY. So many things to know and so many choices which make me more confused than informed. I appreciate if anyone could give me a more straightforward explanation for my life insurance needs in New York. I am guessing how much Term Life Insurance do I need in NY?

Eko

Babylon, NY

Life insurance replaces lost income if something happens to you which can be a good way to secure your future and your family’s. The proceeds from your policy should be enough to cover immediate expenses as well as to provide continuous income for your beneficiaries in Babylon, NY. Most financial planners in New York recommend coverage that’s 5 to 10 times your annual income.

For example, if you make $50,000 in Babylon, New York NY, you might consider coverage between $400,000 and $600,000. If you’re younger and just starting a family, you might need as much as 15 times your income to allow for salary increases in Babylon, NY.

Since individual needs vary, we recommend that you speak to one of our licensed agents in Babylon to help you determine what’s right for you. We also recommend you consult your attorney or financial advisor in New York for professional legal, tax and financial planning advice.

When it comes to coverage, the duration you need depends on several things, but the most basic consideration is how long you expect your beneficiaries to be dependent upon your income in NY. If your spouse is your beneficiary, you should consider being covered until you plan to retire while if it’s your children, you’ll probably want to protect them until they’re 18 or finish college. To cover a mortgage in NY, choose a policy that will be in place for at least the length of the loan. Depending on your age, you can purchase policies guaranteed for 10, 15, 20, or even 30 years and that can be more than enough period to protect you.

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