Long Island Term Life Insurance

The simplest and most inexpensive form of Long Island life insurance is what’s known as Term Life Insurance. Unlike permanent life insurance policies (which protects you for your entire life), term life insurance offers you temporary, maximum coverage for a specific need or set of needs. It is also a great way to supplement your permanent life policy when your coverage needs are higher, such as your mortgage-paying years.

Types of term life insurance policies:

Level term life insurance – Guaranteed death benefit amount with level annual premiums for the duration of the term life policy period
Increasing term life insurance – Guaranteed death benefit amount with annual premiums that start low and increase throughout the duration of the term life policy period. This is a good life policy for those that need maximum coverage but cannot afford the cost of level term life insurance products at the start of the policy period
Return of Premium life insurance – Guaranteed death benefit amount with all premiums paid being returned to you at the end of the term period

Common term periods that are seen with term life insurance policies are:

• – 10 years
• – 15 years
• – 20 years
• – 30 years

When considering term life insurance, understand:

• – There is no cash value accumulation
• – Often you will have the option to convert your term life insurance policy to a whole life insurance policy should your needs change
• – The cost to renew the life insurance policy after the term period expires is very expensive. This is why if you have a life-long exposure (like burial expenses or a business interest), a permanent life insurance policy may be more suitable for your needs

From Babylon to Massapequa, to Lindenhurst to Merrick, our life insurance professionals at Insurance Suffolk help our local residents in finding the right term Long Island life insurance policy that fits your specific needs at affordable prices. Contact one of our Long Island insurance brokers for a free evaluation and life insurance quote today.