Life insurance in New York

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.