Costs of a New York Life Insurance Policy
Consider the total cost of
your New York life insurance policy: For example, annual renewable
policies increase your premiums every year and thus
may appear to be more expensive than level term policies
where the premiums never increase (although the initial
premiums for a level term policy will be higher). However, if you consider the entire life of the policy, you will end up paying more on a level-term policy from a New York life insurance company, as opposed to an annaual renewable. Calculate the total cost of the life of the policy, if you intend of taking one out for a while.
Quit smoking now! The
facts prove it. Tobacco users are twice as likely to die
as non-tobacco users while they are insured. New York Life insurance companies take this into account when they
set their premium and cash benefit levels. You can
save from 20% to 30% on premiums by quitting smoking.
(*American Journal of Public Health, September 1995,
Vol. 85 No. 9)
Standard vs. preferred
risk: If you are in very good health, you may be a "preferred" policyholder, and may qualify for special discounts from New York life insurance companies. Make sure and ask the licensed New York life insurance professional who contacts you.
First-to-die policies:
First-to-die permanent life insurance
policies pay cash benefits regardless of which spouse
dies first. Taking out one policy from a New York life insurance company may be cheaper than taking out two. Keep this in mind.
Consolidating policies:
Don't try to manage too many life insurance policies at once. Consolidate them into one big policy, and you may end up saving money. Talk to your New York life insurance agent.
Shop for a better deal
now! Are you getting the best deal on your
life insurance? The only way to be sure is to shop around.
But it is important that you do your shopping now. Why? Because the younger you start, the better your rates will be. Younger people = better health and higher insurability.
