New York Life Insurance
Life insurance will help meet the financial needs of your family in case of your death or permanent or temporary disability. Life insurance is the first step in creating a sound, financial strategy for you and your family.
New York Life was first founded in 1845 and its headquarters are in New York City. It is one of the oldest and largest mutual life insurance companies in America. New York Life has more than 17k employees and over 100k licensed agents. New York Life maintains regional and local offices in all 50 of the continental United States.
New York life insurance includes offerings of whole life, term life, variable universal life as well as long term care insurance. New York life insurance policies can be assembled for every age group from the youngest of the young to the most senior of the seniors.
When the new baby arrives, everything changes. All of a sudden there is a brand new life looking to you for love, nurturing and protection. One of the best ways to take care of your child is to review your own New York life insurance and make sure it is adequate to take care of your new addition. As a parent and spouse taking care of a family, your New York life insurance policy should provide replacement for your income that will help your family meet their financial obligations and even provide a college fund for the children. Consider adding in disability insurance in case you become disabled and cannot work. In most cases disability insurance will pay up to 60% of your income. That will allow your family to meet the necessary financial obligations.
Consider the gift of juvenile insurance for your child. Yes, it is a bit morbid to think about life insurance for a child, but a juvenile insurance policy can be so much more than just a life insurance policy. This policy can last long beyond the years of childhood, provided the premiums are paid in a timely manner. A life insurance policy has the potential to accumulate cash value each year. The cash value of a New York life insurance policy can be accessed as necessary for things including the down payment on a house, financial help with college or capital for a business opportunity. It is important to keep in mind any loans taken against the cash value of the policy will affect the death benefit by the outstanding loan and interest amount.
Currently, cash values that accumulate in the New York life insurance policy are tax deferred. For most cash value borrowing, there are no tax consequences. Proceeds that go to a beneficiary are not considered taxable income, but it is wise to speak with your tax advisor as the laws are subject to change without notice.
Once the New York insurance policy is issued, coverage cannot be cancelled so long as the required premiums are paid. While the child is a minor, the policy is usually owned by a parent or guardian, but once the child has reached the age of majority, the policy can be transferred to the child.