What Is Group Term Life Insurance?

Group Term life insurance is often the most affordable coverage because it offers protection for a specific number of years. You may want to purchase a group term life insurance policy to:

  • Get valuable coverage at an affordable price
  • Help cover specific financial responsibilities like a mortgage or college expenses
  • Supplement a permanent policy or work policy
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What is Group Whole Life Insurance?

A form of permanent group life insurance, group whole life insurance features guaranteed premiums, death benefits, and cash value. Group whole life insurance policies also give you the potential to receive dividends, which can increase the value of the policy when the insured is living or provide an increased death benefit for your beneficiaries.

  • Protection for life
  • Payments that stay the same each year
  • To be able to put additional money into the policy on a tax-favored basis
  • Cash value you can use while you are living
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Group whole life insurance offers confidence through the guarantees it provides:

Guaranteed level premiums. The premiums you pay are guaranteed to remain the same for the life of the policy, regardless of age or health.

Guaranteed death benefits. Beneficiaries will receive at least the face amount of the policy upon the death of the insured, assuming you do not have outstanding policy loans and that the policy premiums are paid on time.

Guaranteed cash value. Your cash value will grow each year, tax-deferred, until it matches the face value of your policy. When you need it most, you’ll have access to your cash through loan and withdrawal options

Disability Insurance Overview

Protect one of your most valuable assets — your income — with disability insurance

If you’re unable to work due to a sickness or injury, disability insurance can help you meet expenses and maintain your standard of living. It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, disability insurance can help provide financial security until you get back on your feet and return to work.

Annuities

If you’re looking ahead to your retirement years, you may want to consider an annuity as part of your overall strategy. Annuities were designed to help you save, grow and protect your retirement assets, as well as provide a stream of steady income payments that will last as long as you live.

Types of Annuities

Keep your principal safe and secure

Provide predictable, guaranteed annual growth

Help maximize and protect your income by avoiding market fluctuations

Help cover day-to-day expenses by providing a guaranteed income stream for life

Enable you to spend other assets on the things you enjoy

The importance of planning

There’s a good chance many of us will have 80 or 90 candles on our birthday cakes. With the possibility of living a long life comes an increased likelihood of needing assistance or what is commonly referred to as LTC or long-term care.

  • According to the U.S. Department of Health and Human Services, nearly 70% of people 65 and older will eventually need some form of long-term care.
    • Cancer is the leading cause of claim below age 65.
    • Alzheimer’s disease is the leading cause of a claim after age 65.

Many people mistakenly think they have long-term care coverage but neither private health insurance nor long-term disability insurance addresses this type of assistance. Moreover, the future of new government-run programs is uncertain.

Everyone’s needs are different and there are different approaches to long-term care planning. A little coverage can go a long way and you can use a combination of planning methods to achieve your goal.

The majority of people who need long-term care often prefer and are able to remain in their own home or community. New York Life offers policies that reimburse for care in a variety of settings including your own home, and provide the flexibility to transition from one type of care to another as needed. In some cases, depending on the policy, we may even reimburse a family member for providing your care.

With the right measures in place, you can help alleviate the emotional, physical, and financial strain of providing care that often falls on our loved ones.