Life Insurance for Young Adults in New York

The Kinowski Agency Inc. loves helping young adults in Amsterdam, NY choose life insurance that secures their futures. Life insurance feels intimidating to many young people, but when you understand how it works and why it matters, you can make smarter insurance decisions. It’s never too early to start thinking about the rest of your life.

What is Life Insurance?

In life, you never know what may happen, which is why even young adults need to start thinking about their life insurance and what will happen to them in the worst-case scenario. Life insurance refers to a contract that a policy owner and a life insurance company have with one another. In exchange for premiums given to the insurer, if the policyholder dies, their beneficiaries will be paid a certain amount as defined by the terms of the policy.

While there are whole life plans available, it is more common to do term life insurance. What this means is that your plan will expire after a certain amount of time, such as 10 or 30 years. These terms can vary greatly, so it’s important to carefully consider your policy and what it offers.

Your premium, or the price you paid is determined by factors like your age or health. Thus, it’s better to buy this insurance before you have health problems and while you are still young. That way, you can get the best rate possible.

Who Needs Life Insurance?

Not everyone opts to get life insurance, but it can be good for anyone. Those who are wealthy may not be concerned about life insurance because their deaths won’t leave their family struggling. However, those who are worried that their death could be a financial burden on their family should think more carefully about buying insurance.

Find Life Insurance for You

If you’re a young adult in Amsterdam NY, or the surrounding areas, Kinowski Agency, Inc. will be glad to help you understand your options. We will get you started and answer any outstanding questions or concerns you may have.

5 moments when you’ll need to update your life insurance

A life insurance policy is an important component of financial planning. Life insurance can help with the financial stress that comes with the death of a spouse, parent, or partner. As circumstances in your life change, you may need to revisit your policy and make changes. Here at Kinowski Agency Inc., we are proud to assist the greater Amsterdam, NY region with life insurance coverage and questions.

Here are 5 important life moments where you’ll want to update your life insurance policy:

1. Relationships or Marriages

If you have a spouse or a life partner, you are both likely to contribute to the household. If one of you dies, your financial obligations are transferred to the other. With a life insurance policy in place, your loved ones can use the death benefits to maintain their standard of living and pay their obligations and debts.

2. When You Have A Child

When you have children, you take on the responsibility of caring for another person. Raising children is not cheap. If you die, your spouse, partner, or appointed guardian can provide financial assistance to your children.

3. When You Buy A House

Your monthly expenses are likely to rise when you buy a property. A mortgage is a large debt. If your husband or surviving partner does not have the financial resources to pay for it, they may lose their most valuable asset. You may need to revise your policy to ensure that your beneficiaries have enough money to cover the household expenses that your income would typically cover.

4. When You Start A New Job

When you change jobs, you may need to review your life insurance requirements. Inquire about the company’s life insurance policies. These policies are typically smaller and intended to cover funeral expenditures, but some businesses offer the option to purchase larger coverage at a discounted rate. You should also ensure that the amount of your life insurance coverage corresponds to your new income. Your insurance should, on average, be at least five times your annual salary.

5. Retiring

Another moment when you should consider your life insurance needs is when you retire. As you enter the next chapter of your life, a financial professional can assist you in determining your life insurance needs. 

Call Us Today

If you have any life insurance questions, please know that we can help. At Kinowski Agency Inc. we have a team of expert agents who are ready to answer any questions you may have about obtaining a life insurance policy. We are proud to be serving the Amsterdam, NY area and are ready to create your policy, today. 

How Does The Death Benefits Work With Life Insurance?

When you purchase a life insurance policy, one of the benefits that you are likely most interested in is the death benefit. This is the amount of money that’ll be paid to your beneficiaries when you die.

It’s important to understand how the death benefit works before you purchase a policy. Here we discuss how the death benefit works and answer some common questions about it.

Life Insurance FAQs

1. How Is the Death Benefit Paid Out?

The death benefit from a life insurance policy is typically paid out in a lump sum to the beneficiaries you designate in your policy. Your beneficiaries can use the money however they see fit, and there are no taxes owed on the death benefit. It’s important to note that if you have a mortgage or other debts, the death benefit can be used to pay off those debts and provide financial security for your loved ones.

2. How Long Does It Take to Receive the Death Benefit?

In Amsterdam NY, the death benefit from a life insurance policy will be paid out within 30 days of the insurer receiving all of the required documentation. This includes a certified copy of the death certificate and a completed claim form. It’s important to ensure that your beneficiaries are aware of this time frame so they can plan accordingly.

3. Are There Any Circumstances Where the Death Benefit Wouldn’t Be Paid?

There are a few circumstances in which the death benefit from a life insurance policy wouldn’t be paid out. These include suicide within the first year of the policy, if the cause of death is excluded in the policy, or if you die as a result of criminal activity. It’s important to read your policy carefully so that you understand all of the circumstances in which the death benefit wouldn’t be paid out. Alternatively, talk to our agents at Kinowski Agency Inc in Amsterdam, NY for any clarification.

Give Us a Call

The death benefit from a life insurance policy is a valuable benefit that can provide financial security for your loved ones. Understanding how the death benefit works and what circumstances could prevent it from being paid out is essential.

If you have any questions about the death benefit policy, contact Kinowski Agency Inc in Amsterdam, NY. We’re here to help you understand your policy and ensure you have the coverage you need.