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Are you considering buying life insurance for the first time? Here are six tips on how to get the right life insurance for you and your family.
Most of us need life insurance at some point in our lives. But don't buy a policy just because you heard it was a good idea. Life insurance is designed to provide your family with financial security in case you, your spouse, or a parent passes away.
Life insurance can help pay off your mortgage, help with college expenses, help fund your retirement, and help with estate planning. If you have loved ones who depend on your income for support, you should strongly consider getting life insurance. Also, the younger you are, the less expensive life insurance will be, so even if you don't have an immediate need you may want to consider purchasing a "starter" policy for the future.
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.
Once you figure out how much coverage you'll need, you’ll need to find the best insurance policy. Your main options are term life, which may better fit your current budget, or whole life, for permanent coverage that also grows cash value.
Consider term life for:
Consider whole life for:
An insurance policy is only as good as the company that backs it, so make sure you choose a company you can rely on to be around for as long as you'll need your coverage, and one that is highly prudent and financially strong in order to ensure that the claims of its policyholders can be paid.
New York Life Insurance Company is one of the largest mutual life insurance companies in the world.1 Being mutual means our primary focus is on creating long-term financial safety and stability for our policy owners.
A financial professional can help you factor in your financial considerations, your needs, and your family's needs. Ask your financial professional about any aspect of a financial policy or product that is not clear to you. Review your insurance coverage with your financial professional on a regular basis to ensure that the coverage is keeping up with changes in your needs and income.
With terms like "premium," "dividend," "beneficiary," and so on, understanding how life insurance works can be confusing. To help you understand this whole process, we have put together a glossary of insurance terms to help you understand this process.
1 Based on an article by Insurance-companies.co “List of Mutual Insurance Companies in USA.” See http://insurance-companies.co/list-mutual-insurance-companies-usa/