New York Term Life Insurance

Written by Amy Hall
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Many families with young children find that New York term life insurance meets their needs perfectly. Term life insurance will always be much less expensive than whole life insurance, and its coverage tends to be sufficient for most families. The bonus to term life insurance is that you can choose a plan for up to 30 years, which should provide coverage for your family well beyond your children's graduation from college.

The down side to term life insurance is that it does not increase in value over time. Term insurance will also not offer the policyholder an option of cashing out prior to its maturity. The only way the benefits are dispersed is in the event of the policyholder's death, upon which time his or her beneficiary will receive the cash amount of the policy.

Will New York Term Life Insurance Meet Your Needs?

The best way to know if term life insurance will cover your needs is to speak with an experienced broker who can answer all of your questions for you. In some cases, whole life insurance is recommended, especially if there are not young children involved. However, each set of circumstances is different, which means there are no hard and fast rules for choosing a policy.

If your budget will not allow for a whole life insurance policy, you may want to purchase a term insurance policy for 30 years. This is the maximum amount of time you can choose for a New York term life insurance policy, and the rates tend to be affordable. You will have to undergo a medical exam before any type of policy will be underwritten for you. You will not have to pay for this exam yourself, as the insurance company you are working with for a quote covers it.

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