How to Find the Best Life Insurance in New York

Before you shop for life insurance in New York, it’s important to think about how much coverage you need. Make a list of outstanding financial obligations that your family is responsible for, like your mortgage and car loans, and consider how much coverage would be needed to give your family the financial support they need.

You will have your choice of several life insurance policy types, too:

• Whole life insurance is a permanent policy with lifetime coverage. Your family will be guaranteed a payment if you die, and the policy also has a cash value that earns interest at a fixed rate.
• Universal life insurance offers lifetime coverage, too, but this policy lets you raise and lower your premiums within limits. This type of policy earns cash value at a variable interest rate, but if the investments underperform, you could see your premiums increase.
• Variable life insurance is a combination of a lifelong insurance policy with a cash-value investment account. The cash portion of the account is typically invested in mutual funds, so its value can fluctuate over time.
• Term life insurance guarantees your family a death benefit. Keep in mind that your coverage only lasts for set terms, like 10 or 20 years. You can usually renew the coverage for another term if you want to extend your insurance.