Life insurance offers financial support for your loved ones after you die. Often referred to as a death benefit, this money is paid to your chosen beneficiaries to use as they need. Lupton & Luce Inc. can help you find the life insurance that fits your individual needs. 

What Are the Main Types of Life Insurance?
Various types of life insurance are available, but the two main types of coverage are:

• Term life insurance—This coverage provides money to your beneficiary if you die during the policy’s term. This term may be a period of 10, 20, 30 or more years, depending on the expiration date of your policy. If you don’t die during this time, the policy doesn’t pay. You would have to reapply for a new life insurance policy to continue coverage.


• Whole life insurance—This policy lasts for the remainder of your life once you’ve enrolled. The policy won’t expire unless you stop paying it. This plan also offers a cash value investment opportunity, and the cash value component can provide a source of income while you are still alive (in addition to the eventual death benefit).

Other types of life insurance that people often choose include: 

 

• Final expense insurance
• Group life insurance
• Individual life insurance
• Key person insurance
• Long-term care insurance
• Mortgage protection insurance
• Second-to-die policy
• Universal life insurance

 

How Old Do You Have To Be To Get Life Insurance in New York?
In New York, you can typically buy life insurance for a child aged 17 or younger. We can help determine if your dependent qualifies for life insurance and obtain suitable coverage.

How Much Life Insurance Do I Need? 
Many people associate the value of their life insurance policy with the value of their debts, such as mortgages or car payments. If they die while these debts are outstanding, their beneficiary may use the money to settle these expenses. 
Other people choose to correlate their benefit to their income and leave a certain number of years’ worth of their paycheck to their survivors. What you decide to do for your life insurance policy is your choice. 

What Does Life Insurance Cost?  
Life insurance policies vary from person to person—and so do the costs of the policy premiums. Factors such as age, income and coverage can impact premiums. We can review your policy to help you obtain affordable coverage. 

We Can Help
Life insurance is essential coverage to have. Call Lupton & Luce Inc. at 631-727-4114 to see how life insurance can financially protect your loved ones after you no longer can.

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