You’ve worked hard to get where you are today. You’re successful in your career. You own a lovely home and are involved in a terrific community. And your family means the world to you. Congratulations. You’re living The American Dream! But have you taken steps to make sure that dream doesn’t become a nightmare for those you love if something unfortunate happens to you or your spouse?
Yes, we mean life insurance—something many people hate to think about, but something that’s critically important for anybody who has someone depend on them financially. In the event of tragedy, life insurance proceeds can do many things, from covering funeral costs and ongoing living expenses to paying off outstanding debt, including credit cards and the mortgage, and even financing your children’s education.
There are a number of types of life insurance available to New York residents, but they generally fall into one of two categories: term life insurance and permanent life insurance. Term insurance is the most affordable type of insurance when initially purchased. It provides coverage for a specified period of time (the “term”) and generally pays a benefit only if the insured dies during that term. Permanent insurance provides life-long protection. Pay your premiums and don’t take out loans, withdrawals, or surrenders on the policy, and the insurance company will pay the full amount of the insurance.
It’s probably safe to say that everyone who has someone else who depends on them for financial support should own life insurance of some kind. Of course, that means married couples and parents, but it also includes single people who might, for instance, provide care and support for an aging parent.
At Trovato Associates Insurance, we’ve found that it makes sense to think about purchasing life insurance when something changes in your life—you get married, you have a child, you take out a (bigger) mortgage or get a sizeable raise at work. And we’re happy to meet with you during these life changes or, for that matter, at any time, to help you determine your needs and explore what option might be best for you.
Do you need permanent insurance that accumulates cash value over time? Does it make more sense to consider term insurance that provides coverage until, for example, your children graduate college or you pay off your mortgage? Or do your personal and family circumstances and financial goals lend themselves to looking at a combination of the two?
The professionals at Trovato Associates Insurance are well versed in all aspects of New York life insurance and we’re ready to help you research options and weigh the pros and cons of each. As a local independent insurance agency, we have access to many insurance companies and can work with these top-rated firms to find and tailor a New York State life insurance policy that’s just right for you. So give us a call, use the online quote form, or stop by our office so we can help you plan for your future and the future of those you love.