How to Shop for NY Term Life Insurance Plans
If you live in the state of New York and want to find the most affordable term life insurance plan you may want to start by comparing instant term life rate quotes from a network of the best life insurance carriers offering life insurance in New York.
Comparing multiple rate quotes for term life will help you to quickly and easily find the most competitive prices from the highest-rated life insurance carriers.
But first, let’s talk about what term life insurance is and how it works.
Term life is life insurance for a temporary period of time, usually from 10 to 30 years. It gives you the most life insurance protection at the lowest cost for your short-term life insurance needs.
What are your choices for how long you can get term life insurance?
Well, some carriers may offer annual renewable term life insurance for 1 year, but the rate increases each year if you decide to renew your policy. Most life insurance companies offer term life insurance for a period of 5, 10, 15, 20, 25 or 30 years of protection.
How do term life rates work?
With level term life insurance you pay a rate per $1,000 of life insurance. Your rate is based on several risk factors including your age, health, lifestyle and amount of life insurance protection, as well as, how many years you choose to have your term life policy – up to 30 years.
For example, if you buy a 20 year level term life policy of $100,000 in coverage for an annual premium of $200 – you will pay the same premium of $200 each year and the amount of life insurance coverage remains at $100,000 each year for the entire 20 year term.
What happens if I pass away?
If you die during the term of your life insurance policy, the beneficiary (you choose) will receive the death benefit from your policy, free from federal income tax.
What if I outlive the term of my policy?
If you are alive when your term life coverage ends congratulations! However, the life insurance expires and no money is paid out.
How can I find the best rates for term life insurance?
That’s the easy part. You just fill out a short quote request form and you instantly receive quote comparisons from the best life insurance companies offering the lowest prices on term life coverage.
Your life insurance quote comparisons will show you the names of the insurance companies, the prices offered, the length of term, the amount of life insurance coverage, and the financial strength ratings of the insurers quoted.
Final ratings are an indication of the insurance company’s ability to pay their claims. The higher the rating, the more financially secure the insurer. Look for a financial strength rating from AM Best of at least "A" (Excellent).
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