New York Life is a third largest life insurance company in the United States, currently specializing in the field of life and medical expenses. Offers coverage for retreats (savings plans for a lifetime income), life insurance, savings insurance (provides protection and generates savings), medical insurance and insurance for education, the latter is intended To administer a capital for the university education of the son of the insured.
If you are concerned about the welfare of your family but consider that buying life insurance is not within your financial priorities watch out! You might be leaving them economically vulnerable in the event of premature death, insurance offers the protection of your family and your heritage.
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Life insurance in the United States
There are different types of life insurance: Term life insurance, permanent life insurance, a combination of both, and accidental death and dismemberment insurance.
Term life insurance
It is sold in terms of five, 10, 15, 20, 25, 30 or more years. Generally, the premium remains unchanged for the selected period of time.
This policy only provides the benefit to your beneficiaries, in case you die.
They almost never include a cash value or a savings component. It is designed to provide some economic slack to your family, when the main capital generator of the latter dies; For this reason it is ideal for young families who have acquired some debt to own property or to save for the University of the children.
- Coverage in case of accidental death or sickness
Low monthly payment.
- It does not accumulate capital-ransom value.
- The coverage ends at the end of the selected period: 15, 20 and 30 years.
Permanent Life Insurance
They are designed to provide coverage throughout their lives, they have a higher premium. Main feature is that they represent a source of savings that grow over time and that is available for you to withdraw, invest or borrow with them as collateral.
- Life Insurance with accumulation
- Provides coverage in case of death or sickness
It requires a higher monthly payment.
- Accumulates capital that can be used in the future for different purposes.
The cost of your life insurance policy is based on your personal characteristics: your age, Lifestyle (if you smoke or parachute, etc.) and your health history; And of course the amount of coverage you request.
Another factor that influences the monthly payment (the premium) is the type of coverage you request. If it is temporary insurance, it will be lower than a permanent policy. However, with a permanent policy you also accumulate savings which you can use in US future.
There is No uniform life policy, life insurance is an individual service and requires an experienced agent to get the proper coverage for you.
That Keep You From Getting Life Insurance
These are some of the misconceptions that many people have about life insurance, knowing and evítalos for the welfare of yours:
I don’t need life insurance right now : Most people can probably face the consequences of postponing things like painting their bedroom. But do you feel comfortable living with the idea that if you die tomorrow your loved ones will be in a difficult financial situation? If you need life insurance, buy it today. Tomorrow may be too late
Life insurance is confusing : life insurance can be confusing, but there are several resources available to help consumers during the process of finding the right policy for their specific needs.
The Life Foundation Web site at www.lifehappens.org can be a source of impartial information about life insurance, plus it contains interactive resources to help you understand how much and what type of life insurance can be right for them.
Consumers should also consult a qualified insurance professional in their city or the human resources manager at their place of employment. Nothing can replace the advice of an expert.
Life insurance is too expensive : The situation may be difficult, but many people continue to buy electronic equipment and dine in restaurants several times a month.
Hispanics, like the general population, must understand that life insurance is a necessity, not a luxury. The other thing to understand is that life insurance has never been more affordable.
A healthy 30-year-old can purchase a policy of 250.000 to 20 years for about 42 cents a day. There are policies for each budget, so don’t use the cost as an excuse not to buy insurance that you know you need .
How to choose a life insurance agent
When you are considering buying life insurance, it is important that you choose an agent or broker who can really help you, as it can be a complicated or confusing procedure. The key to buying the amount and the type of policy you need at a good rate is to get a good agent or broker. For this reason, you should look for a person who:
- Understand your financial situation, including your attitude to risk, your income and your federal and state tax brackets, your other assets and financial obligations, as well as your personal situation (age, marital status, dependents, etc.).
- Explain in terms that you can easily understand the options, terms and planned use of life insurance in your financial program.
- Give you a personalized written document that contains a record of your true financial and personal situation and that describes the aspects of life insurance and how you conform to your situation.
- Don’t press it to make a decision, but work with you until you feel ready and convinced that you are doing what is best for you.
- Be prepared to periodically review with you perhaps every three years or so if the product continues to adapt to your needs and situation of the moment.
- You are licensed by the Insurance Department of your state.