The first step is to determine your current need for life insurance and how much you can afford to spend. Your marital status, number of dependents, family size, income, and wealth all play a role in determining the amount of life insurance that is right for you. There are many reasons why life insurance is purchased, but these reasons should be based upon your needs or wants. The purchase of life insurance is an important decision for both you and your family. The Internet, as well as many financial magazines, books and articles are available to help you as well. Your agent or other financial advisor can help you with these calculations. Life insurance helps bridge the gap between the financial needs of your dependents and the amount available from other sources, is the amount to be provided by life insurance. Social security benefits, available cash and other sources of income and investments may not provide the standard of living you have in mind. You should consider the amount of assets and sources of income available to your dependents when you pass away. The amount of insurance you buy should depend on the standard of living you wish to assure your dependents. Your need for life insurance will vary with your age and responsibilities. The information in this resource center aims to familiarize you with basic life insurance terms, describe the major life insurance policies and annuities that are available, and provide important shopping tips to help you make the right choice when purchasing life insurance or annuities. Often buyers don’t realize that there are major differences in the types of life insurance they can buy and the sources for such coverage. Many New Yorkers spend substantial sums of money each year on life insurance premiums with very little idea of what they are getting for their money.
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