Term Life Insurance New York

Life Insurance Basics

Instant Term Life Insurance New York Quotes

We've been helping customers find New York term life insurance for no cost to them for a long time. Our interactive website allows our clients to get instant term life insurance quotes, get details on various policies, and even apply online. We know that you will have a lot of questions about the different term life insurance plans, that is why we think it is best to talk to us about what questions and pre-existing conditions you have first, so we can help you find the best life insurance for your needs. This website is to allow you a no pressure setting to get term life insurance options that are available to you in the state of New York. After we help you find the best life insurance policy to fit your needs, Insurance Shoppers allows you to apply online in the comfort and convenience of your home or office with our assistance over the phone or email (if you like). If you have already submitted an application for life insurance, you can check on the status of your application by visiting our New York Life Insurance Application Status Page. Or, feel free to call or email us whenever you need to.

Why Would You Use An Independent Broker?

Almost all life insurance carriers in New York sell their products through agents, rather than directly to the public. Some companies use "captive" agents, who can only represent one carrier. The most competitive term life insurance providers (such as those featured at this site) use independent agents, who are free to represent several companies and broker the best plan for you. These agents can help you select from a variety of products and carriers to tailor a plan.

The premium rate is set by the company, and it cannot be changed by the agent. The price you pay for a given product will be the same no matter where you buy it. "Price shopping" for an agent in New York will provide little benefit, assuming that you have the basic product and pricing information to know what to ask for. We shop a large number of life insurance carriers, view the life insurance companies we compare, based on price, coverage, how they will underwrite you, stability, etc. So, we are more likely to find the best coverage at the lowest price than other life insurance agents in New York. There is no disadvantage and there are many advantages to using a knowledgeable broker to guide you in the right direction, so don't hesitate to have us help you find the best policy for your needs.

Want a more precise quote? Fill out our Life Insurance Pre-screen and we can find out which company in New York works best for you. For example, some companies don't count cigar or chewing tobacco as a tobacco rate, some companies will still give pilots a preferred rating, all companies have different standards for cholesterol, blood pressure, family history, etc. Having us do an underwriting pre-screen will save you a lot of time and frustration.

New York Life Insurance Options

New York life insurance carriers offer a variety of choices to meet the individual financial needs for every situation. The three most common types of life insurance policies in New York are term life insurance, whole life insurance, and universal life insurance. A term life policy pays out its face value only if you die during the selected term. Normally, if you have not used the death benefit when the term runs out, the policy expires. However, return of premium policies are becoming very popular as an alternative to typical term life insurance and even whole life and universal life policies. Building cash value with a permanent policy means paying high premiums (2 to 3 times as much for the same coverage). While an unused term policy can seem like a waste. Return of Premium (ROP) term is a smooth and effective new solution that splits the problem up the middle. It starts out like term life insurance with one extra promise from the life insurance company: If you pay your premiums and you don't die, we’ll return you your money. On a normal 20 year Level Term Life Insurance policy the ROP benefit may cost about 30% more, but that extra premium will effectively earn you a 6-7% return over the 20 year term -– just enough to earn you back everything you’ve invested. What’s in it for the insurance company? Your loyalty. Life insurance companies spend a lot of money to get your business, and only start making a profit if you stick around more than five years or so. ROP guarantees that lots of customers stay for the full term. And, for those that don’t, the company made an extra 30% on those guys -– and used some of it to pay you a solid return on your money for sticking around and living. So if you know that you are going to be insured for the entire term, then think about paying a little more for the ROP benefit and getting it all back in the end. We would like to give you the price of a term life policy and compare it with the same amount of ROP term and do the math to see if ROP term would be a good investment.

A whole life insurance policy pays out its face value whenever you die. In the early years of a whole life policy, the premiums are much higher than the customer would pay with a term life insurance policy. These up-front overpayments are what keep the later payments reasonable. Otherwise, as you grow older, your premiums would need to increase substantially to keep up with the risk of insuring you. Level Premium Whole Life policies require premiums to be paid your whole life. Limited-pay whole life policies require higher payments for only a few years.

A universal life insurance policy is more flexible and less expensive than a whole life insurance policy, but the guarantees are lower on the interest rates. Premiums may be increased or decreased by the policyholder within policy limits in order to change the policy as needs change. The amount of insurance may be increased, subject to evidence of insurability, or decreased subject to minimums set by each insurance company. Loans can be taken from the policy once is has earned a cash value, but can reduce the cash surrender value and death benefit. Withdrawals may also be taken but can also reduce the cash surrender value and face amount.

Calculate How Much You Need

We analyze a customers life insurance needs using either an income replacement method, or a needs fulfillment method, or both. We also combine this with a customers individual budget for life insurance to determine what type, and how much life insurance the client needs. The income replacement method of a needs analysis is to determine how much life insurance is needed if the purpose is to replace the income that your family will need to survive. The needs fulfillment method determines how much life insurance is required to cover future family needs like paying off debts and mortgages, saving for college, etc. Use our life insurance New York calculator to quickly analyze your life insurance need.

Continued Customer Service

Insurance Shoppers has extensive experience in the term life insurance industry in New York. We continue to be there for our customers after their term life insurance policy is in force. We help with benefit questions, advise clients on how to go about a claims process should they need to.

Contact Us

Please feel free to contact us at (866)747-7913 Toll Free anywhere in New York. We will be happy to answer your questions by email or over the phone. Or, if you know what you are doing and what type of life insurance quote you want, we make it easy to compare plans, get details on the policies and even apply online. You want term life insurance to put your mind at ease that unforeseen events won't put your family in a stressful situation. We want you to find the best policy without any hassle or sales pressure.