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Life Insurance Information
Albany, Schenectady, Troy, Saratoga, NY
It never hurts to be prepared, especially for the unexpected. A good life insurance policy will give you peace of mind knowing your loved ones are covered in any event.
Ten Eyck Group is there for you when you need that sense of comfort. We offer comprehensive life insurance policies at competitive prices to protect your family in case you're no longer there to care for them. Call us at (518) 464-0059 or click here to request a quote.
Common Life Insurance Questions
What Are The Types Of Life Insurance?
The three main types of life insurance are:
- Term Life Insurance: Term life insurance is a type of policy that lasts for a set number of years, usually 10, 20 or 30 years. If the policyholder passes away before the term ends, benefits will be paid to the beneficiaries.
- Whole Life Insurance: Whole life insurance lasts until the policyholder passes away, at which point benefits will be paid to the beneficiaries.
- Universal Life Insurance: Universal life insurance is a type of policy where excess premium payments can be credited to cash value or applied to future premium payments.
Is Term Life Insurance Better Than Whole Life Insurance?
- These two policies are similar in coverage but have different purposes. A term life insurance policy is best for situations where you only want a policy for a certain amount of time, such as until a debt is paid. A whole life insurance policy covers the policyholder until they pass away.
- Term insurance is typically less premium because coverage is only guaranteed to a predetermined date, after which there is no coverage.
- Whole Life is permanent insurance and as there will be a benefit paid regardless of when the insured passes away, the premium is typically higher.
- Term policies do not accumulate cash value. All premiums paid are applied to the cost of insurance and administration. Whole Life policies can accumulate cash value that may be accessed for loans, to pay future premiums or cashed in.
- Whole Life may be used as an investment tool to balance a financial portfolio.