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Thank you for inquiring about life insurance on our web site. We look forward to speaking with you in person to discuss your needs. Once we learn a little about your needs we will send over quotes for your review.
…because life is full of uncertainties.
We all worry about what might happen to our loved ones if we were no longer able to provide for them. Think of the concerns your family would face with the sudden loss of your paycheck. How would they deal with funeral costs, outstanding debt and ongoing living expenses? Personal assets and government programs may help with the costs, but they still might need additional resources.
The Level Term Life Insurance which Advocate offers, provides a way for your family to deal with day-to-day living expenses if the unexpected happens. These type of coverage can help fill the void left by most employers’ group life insurance plan. This simple, affordable life insurance for the first-time buyer or the individual who wants additional coverage.
In order to provide you with a quote, we would need the following information:
Gender
Date of birth
Smoker or Non Smoker
Face Amount
Type of Life Insurance
Following is a description of the three different types of life insurance available:
TERM LIFE INSURANCE
Term Life Insurance: It is like "renting" a house. You build up no cash value. It is a policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage terminate. This type of insurance policy contrasts with permanent life insurance, whose duration extends until the policy owner reaches 100 years of age (i.e. death).
Term insurance provides a stated benefit upon death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation.
UNIVERSAL LIFE INSURANCE
Sometimes referred to as a "blend" of term and whole life coverage. You can make the policy as lean as a term policy or as rich as a whole life policy.
A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder's circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.
WHOLE LIFE
Life insurance which provide coverage for an individual's whole life, rather than a specified term. A savings component, called cash value or loan value, builds over time and can be used for wealth accumulation. Whole life is the most basic form of cash value life insurance. The insurance company essentially makes all of the decision regarding the policy. Regular premiums both pay insurance costs and cause equity to accrue in a savings account. A fixed death benefit is paid to the beneficiary along with the balance of the savings account. Premiums are fixed throughout the life of the policy even though the breakdown between insurance and savings swings toward the insurance over time. Management fees also eat up a portion of the premiums. The insurance company will invest money primarily in fixed-income securities, meaning that the savings investment will be subject to interest rate and inflation risk.
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HOW MUCH LIFE INSURANCE IS ENOUGH?
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One way to determine how much is enough to protect your family is to consider your income needs. The chart below shows how much income different life insurance death benefit amounts can provide at 5% fixed interest and a 28% income tax bracket. Please call to learn more (914) 723-7100.
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If your life insurance
death benefit is …
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$50,000
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$100,000
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$250,000
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$500,000
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$1,000,000
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And your family spent
$25,000 for last expenses,
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$25,000
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$75,000
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$225,000
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$475,000
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$975,000
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Your family will have this monthly income for 10 years
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$263
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$788
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$2,365
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$4,992
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$10,247
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Or this income for 20 years
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$163
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$488
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$1,465
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$3,093
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$6,349
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Or this income for 30 years
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$132
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$396
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$1,188
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$2,508
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$5,147
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This information is not intended to give tax or legal advice. You should consult with your own tax or legal advisor with respect to how this information may apply to your particular circumstances.
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Please note that Advocate works with advanced life and estate planning concepts and tools. In addition, Advocate also works with dental, disability, pensions, and all other benefits plans. We also have a casualty division that handles all personal insurance and business insurance needs.
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