Life insurance is a topic many people deliberately avoid; it can make them emotional to even think about leaving their loved ones behind. But that’s exactly why you should think about life insurance. It will secure financial protection for your family if you can’t be there for them.
If you’re starting to think about the family life insurance policy that will best suit your needs, you’ve come to the right place. The first step is to take stock of your family’s current and future goals. Do you want temporary protection, or lifetime coverage? Legacy or simple protection?
New York Life has four life insurance products that can prepare your family for the unexpected. These options are term life insurance, whole life insurance, universal life insurance, and variable universal life insurance. Whole life, universal life, and variable universal life* provide long-term protection as long as premiums are paid when due; term provides protection for a set time period. Each product is different and has unique benefits that can provide life insurance coverage for families.
Among these four options, it’s common for families to choose term life insurance, whole life insurance, or a combination of both.
Whichever life insurance product you decide on, you’ll gain peace of mind about your family’s financial security.
When it comes to the cost of coverage, there are a few factors that will determine how much you’ll spend on family life insurance.
The percentage of Americans with life insurance is 52%. Term life, the most popular type of insurance, is held by 48% of U.S. households. About 20% of households report having a cash value life insurance policy, which indicates some households have both term and cash value policies. The median face value is $110,000 for term life and $50,000 for cash value policies.[1]
While attitudes around life insurance have seen some change, millions of Americans do not have enough life insurance. And 35 million households don’t have any life insurance at all. This means the loss of one or both income earners could be financially devastating to a family.
There are seven groups that are likely to be under- or uninsured—single parents, parents who both work, stay-at-home moms and dads, homeowners, business owners, people with a history of minor health issues, and people whose employers provide group life insurance.
Even if you don’t fall into one of these groups, you and your family may still lack the financial protection you need. A New York Life financial professional can help you assess whether you have enough insurance or need more for the unexpected.
Life insurance is an agreement between you and your insurance company. In exchange for the payment of premiums, the insurance company agrees to pay a lump sum in the form of a death benefit to the loved ones you’ve chosen as your beneficiaries. Your loved ones can use this money to pay for everyday expenses and more.
You can work with one of our New York Life agents to get a specific quote. Your agent can help you decide the amount of insurance your family needs and identify the product (or products) that will best fit your budget. And once you find the policy that’s best for you, your agent can help you proceed.
A New York Life financial professional can help determine what’s right for you.