A variety of life insurance products exist for you to choose from, depending on your situation. It isn’t a requirement in Albany, NY to purchase indemnification of this type. Still, you may choose to do so for financial reasons, as it helps to shield your benefactors against fiscal difficulties that may arise when you pass on. Speak to your NY Twin Bridges Insurance Agency about the right options.
Term Life Insurance
This insurance product typically will last 5, 10, 15, 20, or 30 years. Once the agreed-upon period expires, the insurance is null and void. This type of coverage is usually the cheapest to procure, especially if obtained while you are young. Assess your needs to determine if you would benefit from an option that protects your loved ones against unforeseen but unlikely circumstances.
Permanent Life Insurance
This policy will last for the duration of the insured’s life and is typically more expensive than term products. It will also have a savings component that allows your premiums to accumulate and from which you can borrow. These loans will have lower interest rates than a bank usually offers, though they do have to be paid back before your passing, or they will be subtracted from the death benefit. You can also defer payment of premiums with this provision as long as funds are available. It’s essential that your account is in current status when you die for the policy to be valid.
We Can Be of Service to You
NY Twin Bridges Insurance Agency offers life insurance products and services to those who live in the Albany, NY region, and we look forward to working for you. Contact us by phone, online, or in person to discuss your needs in more detail.