How to Shop Smart for a New York Life Insurance Policy

by Naomi Young

Making sure that you protect your family makes having a New York life insurance policy an important part of financial planning. The internet makes shopping online an easy and fast way to find out the best New York life insurance plans available. You can’t just determine which is the cheapest policy available, we now need to learn more. Here are some of the best ways to get the right life insurance policy for you.

Step 1 ” Know the facts regarding various life insurance policies, it will help you decide which life insurance type should work for you and your family best. Universal life policies build cash value but the premium goes up each year. Term life policies on the other hand, do not build cash value but they have lower premiums than universal or whole life insurance. Whole life policies build cash value as well as have higher premiums.

Step 2 – Make sure that you get several quotes from companies for New York life insurance. Make sure to review the details of each quote as well. If you choose not to use online sources for insurance quotes, ask a life insurance agent to assist you. Verify with your agent that you have gotten the best quotes possible.

Step 3 ” Once you are ready to purchase a life insurance policy, read and then complete the application form. Be sure you understand all the details before you sign it. Honestly answer all the health questions because your claims may not be considered valid if you have any false information on the application form. Realize that any health issues that you have may increase your policy rates.

Step 4 – Once you have gotten your life insurance policy, review the details with your broker or agent. Verify the accuracy of all the information and details and make sure it is correct. For any points that are either not clear or wrong, make sure to get them resolved quickly since you only have 10 days to change things without any issues.

Step 5 – Once you’ve fully reviewed the New York life insurance policy you need to accept or reject it. If you are keeping the policy, sign it and submit the first premium payment and then follow whatever directions are given by the insurance company. Make sure you keep a copy in a safe place a give someone else a copy as well in the event it is needed later. If this insurance policy is not what you want, return it without signing to the life insurance company. Get proof of returning it from the post office in case it is not received by the life insurance company.

For those that already have a New York life insurance policy and are looking to replace it, make sure not to cancel the old policy until your replacement policy is in effect.

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