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Are you considering buying term life insurance? Discover the cost of a life insurance policy from New York Life. Find out about premium rates and the amount of coverage you need.
Rather than take a one-size-fits-all approach, we can create a combination of term life policies to build a portfolio that meets your specific needs. Since term life insurance comes in a variety of durations—anywhere from one or 10 to 20 years—it’s easy to match your coverage to your actual needs. Plus, you can convert some of your term coverage to long-term or permanent protection if your circumstances change.
Life insurance gives you peace of mind while you're alive and gives your loved one’s financial support when you're gone. It's something you should have if there are people in your life depending on you for everyday living expenses, college tuition, or retirement income. Life insurance can make a huge difference for you and your family, not just financially but emotionally, too. And purchasing a policy sooner, rather than later, will give you more options and flexibility, as well as the financial security for your family if the unexpected occurs.
There are several different types of policies, but basically there are two broad categories of life insurance: term life and permanent life. What's best for you depends on your needs, and it may even be a combination of products. It’s always best to compare life insurance products before making a decision.
The amount of insurance you need depends on where you are in your life and who depends on you financially. When you're starting a family, you probably want to have enough to replace your income, so your spouse or partner and children have the support they need. Later in life, when your kids are grown and your house is paid for, you may want to reassess the amount of life insurance you have and focus on final expenses and other needs, like outstanding debt.
The cost of life insurance is based on several factors: your age, gender, health, lifestyle, and occupation. Regardless of your budget, a financial professional should be able to find a solution that covers your needs at a price that suits your wallet. The following are just some of the factors that determine the cost of your policy:
As useful as calculators and rough estimates are, they cannot provide you with final answers. Calculators only allow you to perform "hypotheticals," recalculating and generating new results as you make and input new assumptions.
Using these tools and educating yourself on the workings of life insurance and other financial products, however, can help you feel more comfortable when discussing your needs with a financial professional like a New York Life agent.
You’ve created the right foundation with term life insurance. If your needs have evolved and you want to build toward longer-term financial security, talk to your New York Life financial professional about how easy it is to upgrade to permanent protection and a host of living benefits.
1The guarantees of life insurance are based solely on the claims-paying ability of the issuer. Guarantees remain in place as long as all premiums are paid.
2Rider Insured’s Paid-Up Insurance Purchase Option in New York.
3Not available in every state. There is a cost to exercise this rider. Products and riders are available in approved jurisdictions, and names and features may vary.
*Conversion guidelines and limitations, such as timing, apply.