There's a lot more to life insurance than many people realize. Good things. Positive things. Things that can save you money when you can least afford it. And things that can be helpful when you need to raise cash.
Plus, of course, the biggest benefit of all: money at important times for those who mean the most to you -- family or even a cherished cause -- when your time comes.
So, understanding life insurance is much more important than you might think at first. If you're in New York, the right place for the right answers and the explanations you need is going to be Brooks-Waterburn.
Why? We have the experience and expertise to deliver your New York life insurance coverage, quickly and affordably. And, because we're independent agents, we can take the weight off your shoulders by shopping around with the leading life insurance providers in New York, so you get exactly what you need at the time you need it.
Very simply, there are two main types of life insurance -- term and whole life coverage. The key difference is that term life insurance protects you for a specific period or term, while whole life protects you for your entire life.
Because of this, term life insurance is significantly cheaper to buy since the benefit may never be claimed. Whole life, which, by definition, is guaranteed to pay out on death (provided the policy is still active and payments are up to date), is more expensive but, in addition to the benefits payout, also has potential advantages while you're still alive.
Let's take a closer look.
If you're buying term life insurance in New York, you decide how long you want to be protected for (usually between 10 and 30 years). Generally, the shorter the term, the lower the premium.
Because it's so affordable, most people choose to buy a large amount of coverage for the time when it's most needed -- today. This might be when your spending is at its highest, while your income might not be. Think about raising a young family, paying down a mortgage and other loans.
From the moment you buy whole life insurance (or permanent life insurance as it's sometimes called), you and your beneficiaries are protected today and for all your tomorrows. It is mainly used by people with high net worth and has the potential to be financial support for your immediate family or a legacy for future generations. Or the benefit could go to a charitable cause that means a lot to you. It could even help pay final expenses and/or death taxes.
There are three types of coverage: standard whole life, universal life insurance (a more flexible version, sometimes known as adjustable life insurance) and variable life insurance (usually linked to investments)
We can explain the differences and advantages of each when you contact us.
That obviously depends on your age right now, your health, the amount of coverage you need and, in the case of term coverage, the actual period.
For example, $500,000 term insurance in New York for 20 years might cost only $20 a month, assuming you're aged about 30. Whole life coverage in New York for the same person for the same amount, might cost $300 a month.
(It's important to stress that rates can vary significantly. These are only examples of life insurance rates in New York.)
This is a decision not to be taken lightly. It depends on your life stage, your budget, who you're protecting and your priorities.
It's something you need to talk through both with family and with an expert like the professionals at Brooks-Waterburn. We'll help you decide, work out the level of coverage that you need, and then arrange it.
It's a simple fact: the older you are, the more expensive will be your life insurance.
Furthermore, we live in times of great health and financial uncertainties.
And finally, most of us have people or causes we want to help after we're gone.
For all these reasons and more, NOW is the time to get insured. And one of the quickest ways to do that, and to get to understand the issues, is to speak to the friendly team at Brooks-Waterburn.
It won’t cost you anything to find out, and you'll be under no obligation. Simply pick up the phone or use this web page to find out.
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you.
After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
Contact us today, and we'll help you protect what matters most.