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New York Life Insurance

 

Life Insurance Laws in New York are more designed to protect residents from claims instead of regulating the actual policies and coverage's like is done on many other types of New York Insurance.

 

Most all laws regarding Life Insurance are covered under article 32 of New York Consolidated Law.  This is where New York residents are guaranteed benefits like a 10 day free look.  A 10 day free look offers a consumer the right to cancel their life insurance policy, with in 10 days, for a full refund of their premiums.  New York Life Insurance Companies have 30 days to settle claims or face interest charges.

 

Another mandated coverage for all New York Life Insurance Companies is for them to allow a 31 day grace period when it comes to paying premiums late.  As long as the premium gets to the insurance company within 31 days the policy is still considered in force.

 

In New York, Life Insurance companies will pay fees to join the Life Insurance Company Guaranty Corporation of New York.  This corporation protects the consumers from the insurance company going broke and not being able to pay claims.  The corporation offers maximum pay outs of $500,000 per person.  All New York Life Insurance Companies must be licensed to be listed by this corporation so you can feel comfortable with the quality of company you are dealing with.

 

New York does offer some protections for Life Insurance Companies, one of which allows life insurance companies to terminate a policy, up to 2 years from when it was effective, for false statements made on the application.  They also do not have to cover suicide for the first 2 years.

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New York Life Insurance Policies

 

There are many policies and options when choosing a New York Life Insurance Contract. The most important question to answer is: How much insurance do you need?  Once that question is answered you can decide which policy is right for your family. By speaking with a New York Insurance Agent you can fully understand the options available. QuicklyQuoteMe will give you some insight into the different policies available in the market place.

 

 

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NY Universal Life Insurance

This type of New York policy is also called NY permanent life insurance or NY whole life insurance. It provides either a level death benefit or variable death benefit to consumers. The underlying contract fund will grow on a more level basis than a comparable New York variable life insurance policy but it is certainly not New York guaranteed life insurance.

 

If you would like additional information about Universal Life Insurance in New York click here.

 

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NY Variable Life Insurance

New York Variable Life Insurance combines permanent life insurance with an underlying investment account. It allows for further tax deferred savings in an account that can be accessed prior to retirement.  Each New York policy will allow many different fund options for the conservative investor or the aggressive. A professional New York Life Insurance Agent will be able to appropriately recommend when this policy. 

 

If you would like additional information about Variable Life Insurance in New York click here.

 

                           Request a New York Variable Life Insurance Quote

 

 

NY Term Life Insurance

New York Term Life insurance allows for an individual to fully protect their family while on a budget. It is offered in 10, 15, 20, and 30 year increments and is typically level for the entire time period. Due to many debts and financial obligations families are often left with less than adequate life insurance protection. By talking with a New York Insurance Agent you will get a proper recommendation for the correct amount of insurance. Many times it makes the most sense to combine a NY Whole Life Insurance Policy with a NY Term Life Insurance Policy into what is called a blend.

 

If you would like additional information about Term Life Insurance in New York click here.

 

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As a further resource for New York Life Insurance please go to this site and download the booklet:

 

Finding the Right New York Life Insurance Professional

 

A large part of the process is working with the right agent.  Start by asking for referrals to New York licensed agents from your accountants and/or attorneys. The attorney and accountant would be putting there reputation on the line if your future New York life insurance agent was unprofessional.

 

Does the New York agent have any professional designations? If an agent has one or more professional designations, it means that person has sought advanced training, passed rigorous exams and is serious about his or her professional growth and development. Keep in mind, though, that New York professional designations are just one factor to consider when choosing a New York agent. There are plenty of excellent New York insurance agents who haven't earned professional designations, so don't assume that one New York agent is better than another simply on the basis of earned designations, which are generally displayed as initials after his/her name.

 

Go through the following links to learn what some of the designations indicate:

Chartered Life Underwriter (CLU)

Life Underwriter Training Council Fellow (LUTCF)

Chartered Financial Consultant (ChFC)

Accredited Estate Planner (AEP)

Certified Financial Planner (CFP)

Registered Health Underwriter (RHU)

 

One other consideration is to ask whether the NY agent is a member of any professional organizations. This shows that the New York agent is actively involved in developing his or her skills and staying on top of the latest industry trends and developments. The three most prominent organizations are listed below:

National Association of Insurance and Financial Advisors (NAIFA)

The Million Dollar Round Table (MDRT)

Association for Advanced Life Underwriting (AALU)

 

 

 

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If you are a Life insurance agent looking for New York Life Insurance Leads click here.

 

 

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