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New York Life Insurance Laws

Posted by James

Did you know that New York Life Insurance Laws have historically set the standard for other state life insurance laws? I just found out that New York was one of the first states to pass the law that women could take out policies on their husbands. Other states were not far behind!

Who needs life insurance? Well, basically anyone concerned with the future financial needs of their spouse, children, or other dependents. To give you an example of how popular life insurance is, eight out of 10 families in the United States have some form of life insurance!

When you purchase a life insurance policy, it means that when you die your family will collect money designed to help them meet all necessary monetary obligations. The goal of life insurance is not for your family to get rich off your death, but rather to cover the costs that were covered by your income.

Under New York Life Insurance Laws there are two types of life insurance available: term life and whole life. Which one is right for you? Well, that depends upon your circumstances and where you are in your life.

Term life allow financial protection for a temporary period of time, and are usually written for individuals who need large amounts of coverage for a specific period of time. Term life insurance policies are good choices for families raising children or paying off mortgages. Monthly costs are low, but you should also know that term life policies don’t build equity.

Whole life includes both a death benefit and cash savings. While premiums are higher than that of term life policies, whole life policies are good for anyone looking to meet long-term financial goals.

Hope you’ve learned something here about New York Life Insurance Laws. Thanks for checking in and reading, and I’ll be sure to keep you posted with any changes or additions.

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