Life insurance is a beautiful way to protect your loved ones in the event of your untimely death. An insurance policy can help pay for a funeral, ensuring your loved ones can grieve instead of worrying about funeral costs. It can cover debt and ensure family members don’t have to worry about the electric bill. However, several things may impact your insurance, including your lifestyle. 

Dangerous Habits

Several habits can impact your health, life, and insurance premiums. Aggressive driving often leads to a poor driving record. Abusing illegal substances or picking up smoking cigarettes can also impact insurance. Once you start smoking cigarettes, you must remain a non-smoker for an extended period before you can be re-classified as a non-smoker. Ask L M Insurance & Financial Services LLC agents how your habits impact your premiums. 

Your Health Matters

While some health conditions are beyond your control, it’s important to note that some can affect your life insurance. Unhealthy eating may lead to obesity, which can increase your premiums. The onset of various health conditions, including diabetes, heart disease, and cancer, may impact your insurance. Instead, opt for a healthy lifestyle in Bronx, NY. 

Dangerous Hobbies

Rock climbing, scuba diving, and sky diving can impact your life insurance. However, it does depend on the company you have. Some companies view these as high-risk hobbies and may increase premiums. Others decide this on a person-to-person basis. 

Contact L M Insurance & Financial Services LLC

We understand you want to enjoy the lowest premiums possible while ensuring enough coverage to protect your loved ones. L M Insurance & Financial Services LLC currently serves the Bronx, NY, area. Our experienced agents can help you learn more about factors that impact life insurance. Contact us for more information about coverage options today. 

When you are in need of life insurance, it’s best to know about the two main types so that you can make an informed decision about which type to choose. The two types, whole life, and term life are very different from each other. They each have their own advantages as well as disadvantages. If you want to know more about life insurance and get started with a policy, call us at L M Insurance & Financial Services LLC in Bronx, NY.

Term Life and Whole Life Time Periods

One of the biggest differences between these two types of policies is the amount of time that each type lasts. If you have a term life policy, it’s written with a certain term during which the policy will stay good. A term life policy is written for a specific number of years. It stays in force during those years. But at the end of that term, it will expire. However, when you have a whole life policy, it never expires. With a term life policy, you have to apply to get another policy after yours expires. If you don’t mind your policy expiring, you can get a term life policy. If you do, you might think about a whole life policy. 

Financial Differences

One of the reasons that so many people get a term life policy is that it’s less expensive. A whole life policy will still be in effect when you’re elderly, so these policies cost more. However, a whole life policy also creates a cash value. You’re able to borrow this amount if needed.

Get Life Insurance

Life insurance is important for your loved ones and their needs after you’re gone. Call us at L M Insurance & Financial Services LLC in Bronx, NY to get started.

Once you’ve made the wise decision to purchase life insurance from L M Insurance & Financial Services LLC, serving the greater Bronx, NY region, the next major decision is to determine how much life insurance to buy. The optimal amount for each person will vary, depending on the circumstances.

Here’s what to consider as you calculate your needs:

Your Family’s Lifestyle

Life insurance should help to keep your family living the lifestyle that they’re accustomed to. You should buy sufficient life insurance to help your surviving partner to provide for the family for at least a year, just as you provided for them. If your family’s lifestyle is modest, you would need less life insurance, and so on.

Your Current Income

Your current income is a good benchmark for calculating how much life insurance to buy. Life insurance won’t be able to completely replace your income, but it should come close to the net value of what you were bringing in.

The Number of Beneficiaries

The larger the family you have, the more life insurance they’ll need. Consider potential future costs of things like orthodontics, sports activities, life enrichment opportunities such as travel, and, of course, higher education. Multiply the amount by the number of children, and then add in a reasonable amount for your other beneficiaries, such as your surviving spouse.

The Monthly Cost

Of course, you’ll need to budget for the cost of having life insurance, which also needs to be considered. The more coverage you have, the higher the premium. However, the younger you start your life insurance policy, the better the rates you’ll get.

Consult With Us

Contact L M Insurance & Financial Services LLC serving Bronx, NY for all the important details about buying life insurance. We’ll help you every step of the way as you make this smart life choice.

Often associated with income replacement, life insurance is a versatile asset that extends its reach beyond this primary function. Here at L M Insurance & Financial Services LLC, providing life insurance to residents in the greater Bronx, NY area, we want to help you learn more about how life insurance can help to support your financial goals when you pass away.

 Life Insurance & Financial Goals

Legacy Enrichment

Life insurance can metamorphose into a legacy, securing the financial future of your heirs. This infusion of funds supports endeavors like education or entrepreneurial ventures.

Safeguarding Mortgages

Shield your family’s home from financial turmoil due to an unexpected demise. Life insurance acts as a buffer, settling mortgage debts and preventing foreclosure.

Augmenting Retirement

Certain policies, such as whole life insurance, accumulate cash value. This value serves as an extra retirement fund or emergency resource.

Estate Tax Solution

For sizable estates, life insurance offers liquidity to cover estate taxes, preserving your legacy without burdening heirs.

Fostering Giving

Fuse philanthropy with insurance. Designating a charity as a beneficiary ensures a lasting impact on causes you hold dear.

Business Continuity

Business owners can ensure seamless transitions by using life insurance to fund necessary arrangements.

Long-Term Care Assurance

Some policies have riders that cover long-term care, bolstering financial stability during challenging times.

Life insurance transcends conventional norms, adapting to various financial scenarios. Integrating life insurance into your financial plan strategically can create an enduring impact that resonates far beyond typical coverage. If you’re ready to purchase a new policy in the greater Bronx, NY region, the team at L M Insurance & Financial Services LLC can help yu purchase the life insurance policy that helps to support your financial goals. Call us to get started.

Why get life insurance at all? For most people, this coverage will financially protect them from stressful life situations, like unexpected medical expenses or sudden deaths in the family. Most people buy life insurance to pay for funeral expenses, pay off debts, diversify investments, and plan for college or business moves. 

At L M Insurance & Financial Services LLC, our team is committed to providing New Yorkers with the best insurance available. This means crafting an insurance plan that covers all of your most ardent needs. 

Are You Ready for Life Insurance?

You may be wondering when is the best time to buy life insurance. Younger people tend to put off this sort of coverage, largely due to having fewer responsibilities and healthier outlooks. Older people, on the other hand, are often gathering friends and family members who are financially dependent on them. If you have a family member who relies on your paycheck, then it’s recommended that you purchase a plan that protects him or her from financial loss. This will give your family member a true sense of security and peace of mind.

This type of coverage may change based on certain circumstances, like whether the buyer has a medical condition. Many newlyweds choose to purchase life insurance right after they marry. 

Finding a Life Insurance Plan in Bronx, NY

If you’re a Bronx resident who’s ready to buy insurance, then you’re in luck. L M Insurance & Financial Services LLC is a Bronx, NY-based agency with life insurance coverage. To hear more about our services, contact us today to get in touch with an agent. We’d be happy to book an appointment or answer any of your questions. 

When it comes to choosing a life insurance policy, there are two main types to consider: whole life and term life. Both policies offer different types of protection, which is why it’s important to understand the differences between the two. L M Insurance & Financial Services LLC in Bronx, NY is here to help. 

Here are the specific differences between whole life and term life policies:

First, let’s take a look at what each type of policy offers. A whole life insurance plan is designed to provide lifelong coverage, as long as you continue to pay the premiums on time. Additionally, these plans often offer some additional benefits, such as cash value accumulation and flexibility in terms of how these funds can be accessed.

On the other hand, a term life insurance policy provides coverage for a specific period of time – typically between 10-30 years. These policies do not offer any added benefits like cash value accumulation or flexibility with regard to accessing funds. However, they tend to be more affordable than whole life policies. They may be a good option if you’re looking for temporary protection and don’t need any extra features or flexibility.

When it comes to choosing between these two types of life insurance policies, the most important factor is your own personal needs and goals. If you’re looking for guaranteed lifelong coverage, then a whole life policy may be a good option for you. However, if you only need temporary protection or want to keep costs low, then a term life policy may be a better choice.

Give Us A Call

To decide which type of coverage is right for you is to talk with an insurance professional at L M Insurance & Financial Services LLC today. We proudly serve the Bronx, NY area.  

Life insurance is not the easiest type of insurance to understand, but it may be the most important. Your dependents are counting on you to take care of them in the event you pass away and that is a frightening thought. That is where the agents at L M Insurance & Financial Services LLC in Bronx, NY come in. We will help to familiarize you with the different types of life insurance and how much you need. 

FAQs about life insurance

Why do I need a medical exam to get a policy?

You are a risk to the insurance company. They want to know what your health is so that they know the level of risk you present. When they sell you a life insurance policy, they are gambling that you will outlive the term of your policy.  They need to know all your vitals and things like your weight, and whether you smoke or not will be considered when deciding whether or not to insure you and what your premium will be.

What do you do when the insured dies?

You need to notify the insurance company that the insured has died. You will need to file a claim. You must have the insurance policy number, a certified death certificate, and proof of who you are. It is quite a simple process and rarely takes more than 60 days to process. 

Do I need to insure my children?

No, you don’t need to, but some parents choose to. It is a form of savings and it will last a lifetime and allow your child to be guaranteed to have life insurance even if they have health issues later. It is only good if it is something you can easily afford. 

Contact L M Insurance & Financial Services LLC in Bronx, NY to talk about what your life insurance needs are. 

Most people think insurance is a necessary evil, but it doesn’t have to be. Insurance can protect you from life’s uncertainties and provide for those you leave behind when the time comes. And luckily, there are now many types of policies that offer different levels of coverage with various costs and benefits, as well as many flexible payment plans to suit your budget. In this post, we will explore term insurance and whole life insurance options.

Term Life Insurance

First, let’s explore term insurance because it is the simplest type of policy to understand. A term life insurance policy lasts for a set amount of time (called the "term") and provides coverage for an agreed-upon amount of time. Term life insurance rates are based on your age and health. If you die during your policy term, your beneficiaries will receive the agreed-upon amount of coverage. But if you die after the term is completed, they won’t get anything—because there is no savings component to a term life insurance policy.

Term Life Insurance Pros and Cons

The key benefit to a term life insurance policy is that it offers affordable protection for a set period. The major drawback is that once the policy expires, there is no cash value—so your beneficiaries will not receive anything if you die after the term of coverage.

Whole Life Insurance

Whole life insurance is also known as permanent life insurance because it lasts for your entire lifetime, with coverage having no expiration date. Whole life policies accrue a cash value over time. In fact, you can borrow against the cash value of a whole life policy for emergencies or large purchases. Whole life insurance premiums are higher than those of term life insurance, but the policy provides a guaranteed death benefit. Your beneficiaries will receive at least what you insured yourself for—no matter how long you live.

Whole Life Insurance Pros and Cons

The main benefit of a whole life insurance policy is permanent protection. There are no expiration dates, and you can keep the policy as long as you continue making the required premium payments. The downside of this plan is that premiums tend to be expensive, and if you stop making payments or die before the term expires, there’s no benefit to your loved ones.

Life insurance is a valuable tool to help protect your family and provide them with some sense of stability. L M Insurance & Financial Services LLC in Bronx, NY can provide you with the information you need to make an informed decision on the best type of plan for your situation. Call us today to speak with an experienced professional about term life, whole life, and other types of coverage.