Life Insurance

1. Understanding Life Insurance

New York offers two main types:

• Term life: Coverage for 10–30 years, typically more affordable.

• Whole life: Lifetime coverage with higher premiums and potential added benefits.

Many families use term life to protect income during key years, such as raising children or paying a mortgage.

2. Planning Long-Term Protection

Whole life insurance provides permanent coverage and is often used for estate planning, final expenses, or leaving a legacy. Options include standard whole life, universal life, and variable life.

Costs depend on age, health, coverage amount, and policy type. Term policies are generally much less expensive than permanent coverage, though rates vary.

3. Choosing the Right Policy

The right policy depends on your financial goals, life stage, and who you want to protect. Planning earlier can help preserve lower premiums and more options.