LIFE INSURANCE CAN BE HELPFUL IN CASE OF DEATH OR DISABILITY; HOWEVER, BUYING IT REQUIRES UNDERSTANDING YOUR CURRENT AND FUTURE OPTIONS FOR COVERAGE.
Normal circumstances - age 25 - require most people to buy life insurance when they start working or get older.
Companies only sell more policies after people reach age 29 every two years or after age 30 if they're already employed at a stable job with good health benefits.
Low prices make using life insurance easy- but only people in good financial situations should buy this product.
All insurance companies offer lifetime coverages, but the amount of insurance offered by each company depends on the age of the applicant.
Subscribers must be between age 20 and 24 when signing up with a new company.
Next is between age 25 and 29 where a person must subscribe with a new company every two years.
Subscriptions after that are extended for an additional two years per company before dropping off completely.
This allows young adults time to gain experience and save money for life insurance premiums.
After that, most people turn 30 before signing up for life insurance again.
TERM PLANS ARE THE MOST COMMON TYPE OF COVERAGE OFFERED BY AN INSURANCE COMPANY.
Each plan covers death for a set number of years - typically 10 years- before expiration.
Some companies also offer cash value plans where money grows inside an account as the person ages.
All plans include accidental death coverage, which covers accidental death during employment or while participating in activities sponsored by an employer.
Additionally, cashing value plans comes with accidental death coverage as well as maternity disability payouts if disability leaves the mother unable to work during pregnancy.
Life insurance is a key financial product that individuals need at some point in their life.
Most people buy a death insurance policy when they start a new job or become older.
The main reason for this decision is financial- insurers help cover the funeral and other expenses associated with losing a loved one.
Therefore, it's essential to understand what policies are available and how they work.
Most life insurance companies require monthly premiums to stay in business.
They also require a person to be at least age 25 to buy a policy.
Additionally, an applicant must have a good credit history and a steady income.
Even then, companies reserve the right to refuse an application.
Policies typically cost around $100 per year to purchase, but each company has different requirements.
Plans range from very cheap to very expensive, so it's important to find the one that fits your needs and budget.
Many employer groups offer long term care insurance plans as a benefit to their employees.
These plans are designed to cover the cost of long-term nursing and home health care.
Inpatient care is also covered by many long term care insurance policies.
Each plan has different coverage limits, premiums and waiting periods- so it is important to compare plans before purchasing one.
Many plans have yearly enrollment periods, which make it easy to switch from one plan to another whenever you want.
Nursing and home health services are generally not covered by Medicare or most other insurance plans.
This is because these services are considered to be long-term rather than short-term care.
However, Medicare does cover certain nursing services for people age 60 or older if the hospital is accredited by the Accrediting Commission for Nursing Homes and Long Term Care Facilities (ACNHCF).
This commission only accepts about 15 percent of its applicants each year, so this is a very tough program to get into.
However, it does mean that some of the best nursing services are free when you're old!
If you're thinking about becoming a long term caregiver, it's best to speak with a social worker at your local senior center or library about benefits available through your local government.
Many communities offer low-cost respite care that allows family members to take breaks from their responsibilities for short periods of time.
This can be very helpful when a loved one becomes sick and needs extra assistance with daily tasks.
It's best to start planning for your future well before it happens; doing so will make the transition easier when it does happen.
LONG TERM CARE INSURANCE CAN HELP YOU COVER THE COST OF HOME HEALTH OR NURSING CARE WHEN YOU NEED IT MOST.
Be sure to shop around for the best rate offers when purchasing a policy!
Health insurance companies offer a variety of different plans to help you stay healthy and keep your premiums low.
One type of health insurance plan is long term care insurance.
Long term care insurance can help you cover the cost of home health or nursing care.
It can also cover some of your medical expenses if you need to go to an inpatient facility for your condition.
In addition, long term care insurance can help pay for assisted living services that allow you to remain in your own home while receiving help with daily living activities.
YOU SHOULD SHOP AROUND FOR THE BEST LONG TERM CARE RATE OFFERS WHEN PURCHASING A POLICY.
It's easy to get caught up in the hype of one insurer's promotional offers over another.
However, policies sold outside New York state may have higher annual premiums and waiting periods than those sold here in New York state.
In addition, policies sold outside New York state may not have any disability benefits at all since they don't have to abide by any regulations set forth by the U.S.
Department of Health
New York Life's history shows that its employees are willing to make sacrifices for the company they work for.
In 1854, Valentine started selling insurance door-to-door in New York City.
He was only 21 years old at the time but had recently graduated college with a business degree.
Over the next few years, Valentine learned how to speak English well enough to read policy papers- which allowed him to understand his customers' needs better and sell them policies effectively.
Even though Valentine lost almost every penny he made selling policies door-to-door, his dedication paid off when his father signed him up as an agent for his life insurance company.
From there, Valentine went on to found his own company- now known as New York Life - and remains its logo today.
AS AN OPTIMISTIC NEW YORKER, THOMAS VALENTINE FELT THAT HE HAD EVERYTHING HE EVER WANTED.
He worked hard and saved money so that he could buy a home and start a family.
But when his father died intestate and left Valentine's family without a penny, he realized that money could never buy happiness.
Over the next few years, Valentine learned the ins and outs of life insurance.
He then founded the company that bears his name- now known as New York Life- and became an agent himself.
By providing disability income to its clients and continuing to work after retirement, the company helps people live the healthy, happy lives it intends to foster.
By setting high goals for itself and its customers, providing excellent customer service and promoting selflessness among its employees, New life demonstrates graces both in name and action.
Since Valentine founded his company over 150 years ago, it stands as a model for other insurers around the world- not only because of its excellent products but also because of its history of helping its customers achieve their dreams through hard work and sacrifice.
EVERY YEAR, NEW YORK LIFE SELLS ABOUT $4 BILLION WORTH OF INSURANCE PRODUCTS THROUGH OVER 800 LOCATIONS IN 20 STATES.
This includes life insurance, accident insurance and disability income insurance as well as whole life insurance, which pays out monthly investments from age 20 to death.
Since each product aims to meet different needs, each one offers a different range of services.
For example, whole life salespeople focus on selling long-term policies that offer a high death benefit with no early cancellation penalties.
Disability salespeople promote easy application processes and lower rates for military veterans with disabilities; they also give free discounts to military veterans with disabilities.
In addition to excellent customer service, these efforts help set New York Life apart from other companies in the industry.
AS AN INSURANCE COMPANY, NEW YORK LIFE AIMS TO HELP ITS CLIENTS ACHIEVE THEIR PERSONAL GOALS.
For instance, if one of their agents worked hard enough to buy disability insurance, the company would pay his medical bills if he got sick.
The agent could then use the money to support his family while he recovered.
Or if a customer wanted to start a business, New York Life would provide loans with low interest rates and favorable terms.
Clients can also receive training at NYL's schools so they can pursue professional goals such as becoming a lawyer or doctor.
Through its policies, services and philanthropic efforts, New York Life encourages its clients to achieve their dreams by helping them financially secure themselves and their families.