Types Of Life Insurance Policies In New York!

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In today time period most of the people are opting for life insurances. It involves two parties, the insured and the insurer. Basically, it is a risk policy against death, which provides the support to the loved ones once the insured person has gone (i.e. when his/her death occurs).

New York insurance company provide various kinds of insurance policies which could vary from person to person. But it’s the insurer decision on which policy to choose that would cater him/her through all walks of life. For this the person who is willing to take insurance, needs to find a good insurance company who would provide the best policy to the person. This is important to do so because as various policies are a pretty risky ones also!

Mentioned below are various types of life insurance policies which you can choose keeping in mind the factors of time, monthly budget, liquidity and risk coverage:

• Term life insurance: This is the most simplest form of life insurance, which provides two benefits to the insured person: first is that it provide a specific period of the coverage time period (usually 5, 10,15 or 20 years) and second is that this policy is scheduled at an affordable premium level. Moreover this is not only beneficial to personal life, but also to the business as through it business expenses can be covered, which help in continuing the business of the insured person after his/her death.
• Whole life insurance: It is also called permanent life insurance, which protects you for your whole life until you die. Where the term insurance was only beneficial for personal and business purpose, on the other hand whole life insurance can be used for survivor needs, mortgage protection, wealth transfer, and charitable & business needs. Moreover the cash value, which is accumulated, can be accessed during the lifetime through a policy loan. This can be further used for retirement income, college fee, down payment of home, and emergency needs.
• Universal: This is the most flexible life insurance policy, which gives the benefit of permanent life insurance, cash values, adjustable premiums and payment schedules.
• Variable universal life: This policy is not only designed for insurance purpose, but is also for those people who are investment-minded and desire for greater cash value.
• Corporate: This insurance policy provides the employees of the companies with life insurance coverage, as well as with estate and retirement planning solution.
• Survivorship life insurance: Under this policy, two individuals can be insured in it, but the death benefit is provided after the last surviving insured.