Broaching the topic of life insurance can be a challenge for most, especially when you have a family of dependents who rely on you for financial support. However, NY Life Insurance is something that most, if not all, people can benefit from. In addition to covering funeral costs and other related expenses related to an untimely death, life insurance can go above and beyond the call of duty to ensure your loved ones are taken care of.
Term Life Insurance.
Term life insurance provides financial assistance for a set time, such as mortgages and car payments until they are paid off. This allows your family to become financially independent and gives them time to get back on their feet should an unexpected death of the main breadwinner occur.
Additional Benefits to Dependents.
In addition, life insurance can be used in a variety of ways. Apart from the typical mortgage and auto loan payments, life insurance can provide more help than you originally thought. For example:
- Tax payments – Your heirs may face an estate tax upon receiving their inheritance, depending upon the state of residence and the amount. The III suggests that life insurance benefits may be used to partially or completely offset this cost for your heirs. Consult with your life insurance provider or a financial professional for more information on your projected estate tax impact and life insurance benefit, explains Allstate.
- Inheritance – You can name an heir to receive life insurance benefits after your passing. You can either choose to name one or numerous people for this benefit, or you can choose to supplement an existing inheritance with a life insurance policy.
- Paying off debt – If you leave your family with the burden of debt, life insurance can help cover those costs rather than require your loved ones to pay them.
About The Rubin Group
At The Rubin Group, we proudly offer comprehensive life insurance solutions for New York residents who seek the best coverage to protect their assets from all the unexpected curveballs they might face. Give us a call today at (212) 201-4500 to learn more about how we can help protect you.