New York City Business Group
Our mission is to help businesses in NYC manage the costs of Insurance. The New York City Business Group has addressed the insurance needs of businesses and individuals in the Staten Island NY, Brooklyn NY, New York NY, Queens NY, Nassau and Bronx NY for over 10 years.
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Life Insurance

Understanding life insurance coverage is not always black and white like it may seem. The policy states that when the insured dies during their coverage period the beneficiaries will inherit payment from the insurer. Although it’s not always that simple, here are a few examples of the most popular coverages:

• Term Life Insurance

• Whole Life Insurance

• Variable Life Insurance

• Universal Life Insurance

Explaining the different types of life insurance

Term Life Insurance is a policy that only covers the death of the insured. This is the most popular plan because it is cheap and most affordable. Many employers include this coverage option as an incentive for their employees. A cash-value policy is also known as whole life insurance. This coverage sets aside a set amount of your premium that can be invested in a plan that has a fixed rate of return. An example of a plan with a fixed rate is an annuity. Variable life insurance is a coverage that invests in other coverage that has a fixed rate of return. A few investments include mutual funds or stocks. The riskiest coverage is universal life insurance. The insured’s will states the premium and coverage that is set in the policy. This coverage is flexible for the insured’s benefit.

For many people choosing a life insurance coverage is a hard decision. This could be due to lack of knowledge about existing plans, not knowing what’s available, or even because of financial issues.

There are important things to consider to better understand life insurance. The insured’s income will be lost when they die. A question to ponder is can your family adjust to your lifestyle if something were to happen to your income? Try to plan ahead and figure out a plan of an amount that needs to be set aside for your fixed expenses, including funeral service fees.

Considering an investment in life insurance is very important. It is smarter to plan ahead and explore all your options when choosing a life insurance policy that is best for you and your family.