Life Insurance

Note: We have a minimum premium of $2,500 per year for any individual life insurance policy.

Term Insurance

For a no-charge and no-obligation personal life insurance quote, click here or email us at info@nyig.com.

Term life insurance that is purchased for a specific period of time. It pays the amount of the policy to your beneficiary if you die prior to the end of this period. Term life insurance does not build up any cash value or pay any interest. During the term of the policy, the cost for insurance remains level - meaning they do not increase. Typically, at the end of the term, you stop making payments to the insurance company and your coverage ceases. With many term policies, the coverage can be continued but the price will rise steeply every year. Generally, the annual premiums for term insurance will be lower than for any other type of life insurance. The major uses of term insurance are:

• When you are the working spouse in the family, the money from the term policy would be able to provide for your non-working spouse and children if you should die.
• When you want your children to have a college education - and you want to be sure the money will be there even if you are not.

Permanent Life Insurance

Unlike term life insurance, permanent life insurance is designed to provide insurance protection for a lifetime, at a level premium. Generally, as long as sufficient premiums are paid, it stays in effect. With permanent insurance, you can build cash value, you can increase or decrease the amount of coverage and you can vary the premium payments. You can use this cash surrender value to pay the premiums or to take a loan against the cash value of the policy.