You can buy many insurance products in New York, such as auto insurance, home insurance, and life insurance. And while these are all important, the coverage that every adult needs to consider is life insurance. Most people do not like to think about it because death is scary. But unfortunately, it is a reality that can happen at any time. Life insurance protects your loved ones if anything happens to you. At Kinowski Agency Inc. we understand you want to do right by your loved ones. Here are the types of life insurance policies you can buy to make this easier for you.
Term Life Insurance
Term life insurance is one of the most sought-after policies by New York residents. This type of life insurance offers protection for a specific time, depending on your preference. Once you pass on, your beneficiaries receive a payout which they can use for various things like childcare, paying mortgage and tuition fees. Your loved ones only receive the death benefit if you pass on within the term of your policy. If you outlive your policy, you can convert it to a permanent life insurance policy.
Whole Life Insurance
Another common type of life insurance is whole life insurance. It provides protection until you die. It also comes with a cash value component that enables your beneficiaries to get cumulated death benefits. One of the significant features of whole life insurance is that the policyholder can redeem part of the death benefit whenever they want.
Universal Life Insurance
Universal life insurance is also a type of permanent insurance, offering you coverage your whole life. It is almost similar to term life insurance, apart from the premium aspect. In universal life insurance, there is some flexibility when it comes to paying premiums. That means you can reduce or increase your premiums whenever your financial situation changes.
At Kinowski Agency Inc., we aim to deliver quality services to our clients. If you want to purchase life insurance, contact us. We will help you select the right policy that protects your loved ones.
While our offices are located in Amsterdam, NY & Johnstown, NY, we serve our clients all across New York.