West Babylon, New York Individual Life Insurance
Choosing the correct New York life Insurance policy mostly depends on what your future goals are. Some options may be whether your wish to provide a tax-free income for your beneficiaries, replace any income that will be lost if you pass, have funds available for your final expenses including estate taxes, or if you decide to provide a charitable contribution. We can assist you in select the best policy that will cover your needs at an affordable price.
Why is an Individual Life Insurance policy important?
- Final expenses - life insurance policies often pay for funeral and burial expenses.
- Income for dependents - a life policy can provide much needed income for your dependents when you die. Usually this is used for children, however it can also be used for a partner that has a loss of income due to death.
- Inheritance - a life insurance policy can be used as an inheritance for your beneficiaries.
- Can be used to pay taxes
- Making a charitable contribution
- A source of savings - If not used to pay out by death benefit, some types of life insurance can have a cash value.
What Life Insurance options are available in in West Babylon, New York
While you can purchase a policy at any age, the younger you are the more affordable the prices will be. All life insurance policies are designed to pay a benefit when someone dies. The two most common types of life insurance are Term and Whole (also known as Permanent) policies. Often age and health are the two most important factors in the premium you will pay.
Term Insurance tends to be the most affordable type of coverage. The policy usually lasts between 1 and 30 years and pays only if a death occurs during the policy term. Most term policies have no other benefits. Term policies can be level term which means the death benefit will remain the same throughout the duration of the policy, or they can be decreasing term which mean the death benefit drops over the course of the policy's term. When the policy term ends, you will have to requalify.
The advantage of Whole or Permanent Insurance is the death benefit and premium will usually remain the same during the duration of the policy. These policies can also build cash value which may be withdrawn or loaned like a savings account.
Our agents at Gregg Stephens Insurance can guide you through the different types of New York life insurance policies available and help you chose the policy that will best fulfill your unique needs and goals.