Life insurance companies are financial institutions that specialize in providing life insurance policies to individuals and groups. The primary purpose of life insurance is to provide financial security to the policyholder’s beneficiaries in the event of the policyholder’s death.
In this article, I’ll be sharing a list of Life Insurance Companies in New York City. However, I would first like you to get familiar with Life Insurance.
What is Life Insurance?
Life insurance is a contract between an individual (the policyholder) and an insurance company, in which the insurance company agrees to pay a predetermined sum of money (the death benefit) to the policyholder’s designated beneficiaries in the event of the policyholder’s death.
Life insurance provides financial protection to the policyholder’s loved ones in the event of the policyholder’s untimely death.
The policyholder typically pays a premium regularly, such as monthly or annually, in exchange for life insurance coverage. The amount of the premium and the death benefit depends on several factors, including the policyholder’s age, health status, lifestyle, and other risk factors.
Life Insurance Benefits
Life insurance offers several benefits to the policyholder and their beneficiaries, including:
- Financial security: Life insurance provides financial security to the policyholder’s loved ones in the event of the policyholder’s death. The death benefit can be used to cover funeral expenses, pay off debts, and provide ongoing income to the beneficiaries.
- Estate planning: Life insurance can be used as part of an estate plan to transfer wealth to the policyholder’s beneficiaries tax-free.
- Business continuity: Life insurance can be used to fund a buy-sell agreement between business partners or to provide key person insurance to ensure the continuity of the business in the event of the death of a key employee.
- Cash value accumulation: Certain types of life insurance, such as whole life insurance and universal life insurance, including a savings component that allows the policyholder to accumulate cash value over time.
- Tax advantages: The death benefit paid out to the policyholder’s beneficiaries is typically tax-free. Additionally, some types of life insurance, such as cash value life insurance, offer tax-deferred growth on the policy’s cash value.
Overall, life insurance provides important financial protection and can be a valuable part of a comprehensive financial plan.
Things to Consider Before Buying Life Insurance
Before buying life insurance, there are several things to consider, including:
- Your financial situation: Consider your current financial situation, including your income, debts, and expenses, and how much life insurance you would need to provide financial security for your loved ones in the event of your death.
- Your health: Your health status can affect the cost of life insurance premiums. Be prepared to disclose information about your health history, including any pre-existing conditions, medications, and lifestyle habits.
- Your age: Your age can also affect the cost of life insurance premiums. Generally, the younger and healthier you are, the lower your premiums will be.
- Type of policy: There are several types of life insurance policies available, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. Consider which type of policy would best meet your needs and budget.
- Policy features: Review the features of the policy, such as the death benefit, premiums, and cash value accumulation, and ensure that they meet your needs and goals.
- Insurance company reputation: Research the insurance company’s reputation, financial stability, and customer service ratings before purchasing a policy.
- Coverage amount: Ensure that the coverage amount is sufficient to provide financial security for your loved ones in the event of your death. Consider factors such as future expenses, income replacement, and debt repayment.
Overall, purchasing life insurance is an important decision that requires careful consideration and planning.
It’s important to review your needs, goals, and financial situation to ensure that you choose the right policy and coverage amount to provide financial security for your loved ones.
List of Life Insurance Companies in New York City
Here’s the top 10 list of Life Insurance Companies in New York City (NY):
BQ of New York, Inc.
Located in Times Square, BQ of New YorkInc. is a life and health insurance company in New York, serving Asian- American communities since 2002.
The agency employs agents nationwide, each trained to reference programs from multiple carriers and give expert advice on content requirements and fresh fiscal services. The agency is a colonist in the Chinese Life Brokerage request. It can also support all subvention business services for guests throughout the Northeast.
Alex Mason
Alex Mason is a licensed insurance agent in New York for New York Life that serves guests throughout the area. The content specialist helps individuals choose a whole life insurance policy that fits their financial situation and meets their family’s future needs.
This content has a cash value that guests can pierce through policy loans as a withdrawal supplement as their protection needs drop. Alex Mason also offers long-term care insurance programs.
DiPaola Financial Group
The DiPaola Financial Group is an independent financial services and life insurance agency in New York that represents some of the biggest insurance companies in the U.S., similar to National Life of Vermont and Ameritas.
Its agents develop programs that cover an array of purposes, similar to paying off mortgages and furnishing withdrawal inflows.
The agency also offers longterm care plans and colorful health insurance programs for individuals and groups.
Colleen Donahue
Colleen Donahue is an insurance agent connected with State Farm that serves New York City and the girding areas.
She’s an alternate-generation agent that carries on her father’s heritage. She offers life insurance content, including term life, whole life, and universal life programs.
She also offers bus, home, property, and business insurance products. Outside of work, Colleen enjoys giving back to the community through charity work and fiscal support.
And, she supports several associations like The National MS Society, Cancer Society, City Harvest, and DonorsChoose.org.
Exquisite Probiz LLC
Exquisite Probiz LLC is an independent fiscal services agency that serves individuals and small businesses in New York.
Although the agency prioritizes its duty services, it does offer life insurance programs and long-term care plans. Its agents can customize plans for colorful purposes, similar to mortgage protection, wealth operation, and burial charges.
Exquisite Probiz LLC also supports emigrants establishing themselves in the United States, offering citizenship and herbage card services.
Fidelity Investments
Fidelity Investments is a transnational fiscal service and life insurance agency in New York. It offers a wide variety of services and programs to manage wealth, induce income, and cover means.
Its term, universal, and cold-blooded life insurance programs are suitable for an array of purposes, similar to transferring children and grandchildren to the council, paying for long-term care while still guarding withdrawal income, and transferring wealth to family and loved bones.
Foa & Son
Established by Fortunato Foa in 1861, Foa & Son is a New York City- grounded insurance brokerage establishment that serves guests in colorful locales nationwide.
It assists business possessors in furnishing hand benefits, which include life and health insurance, as well as withdrawal plans. It also crafts marketable insurance programs that suit the requirements of the guests.
Its president, Conrad Foa, has served as the Director and President of the Insurance Brokers Association of the State of New York.
Great World Insurance Agency, LLC
Great World Insurance Agency LLC is an independent life insurance company in New York. Its agents have a plenitude of experience arranging a variety of life insurance programs to meet any need, from covering burial charges and guarding mortgages to backing council education and generating income in withdrawal.
The agency also develops Medicare supplement plans for the over-65s. Its agents have access to the programs of numerous of the biggest insurance carriers, including Progressive and The Hartford.
Grober Imbey Agency, inc.
Established in 1974, Grober Imbey Agency Inc. is a family-possessed independent insurance agency from New York that operates throughout the Greater Tri-State Region.
It’s erected strong connections with further than 20 major insurance carriers, enabling its licensed agents to offer guests a wide choice of life and health insurance products.
These include programs aimed at individualities, dental insurance, health savings accounts, and long-term care plans. The agency also offers group life and health benefits packages for business guests.
Jimco Associates Inc
Jimco Associates Inc is an insurance agency that serves guests in New York City. It specializes in group life insurance, group health insurance, medicare, voluntary benefits, and property & casualty for companies in the tri-state area.
The agency also offers consultations to identify the customer’s requirements and determine the compass of their pretensions and fiscal capacities. proprietor James Cosares innovated the company in 1995. Over 26 times, he has helped entrepreneurs in understanding the pitfalls and benefits of colorful hand insurance options.
That’s all on the list of Best Life Insurance Companies in New York City. Just in case you are unable to find an insurance consultant, don’t hesitate to contact us.
