Life Insurance
Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance…the list and combinations seem endless. It can seem hard to tell which life insurance policy type is right for you. At Cafarelli Agency we can help. Our committed team of insurance professionals will research which policy type best suites your needs. Life insurance is designed to protect beneficiaries (your loved ones) from the financial impact they experience due to your premature death. Upon your passing, beneficiaries will receive a death benefit (money). This money can be used for: 
- Replacing lost income and the impact of inflation on that income
- Satisfying mortgages and home equity loans
- Providing education tuition for your children
- Burial expenses
- Creating cash value that builds the longer you own the policy, which allows life insurance policy holders to take out loans against the policy in times of need or hardship (available in permanent life insurance policies)
With so many insurance policies available to Long Island residents, shopping for life insurance is affordable and easy. Because Cafarelli Agency has relationships with top rated insurance companies in New York, we will find the right type of life insurance policy that fits your particular situation and budget. Our insurance brokers do the life insurance shopping for you at no additional cost.
There are two types of life insurance policies:
- Term Life Insurance
- Permanent Life Insurance
Term Life Insurance Basics:
- Coverage for a “term” or period of your life
- Lower premiums for higher coverage
- Rates can change after specific terms expire
- No equity- cannot be used as cash value
Whole Life Insurance Basics:
- Exactly like it says- permanent, not for a specific period
- Protection carries with you your whole life
- Can build equity and have cash value
Should you choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves- in this case the term would expire around the time your children move out.
Should you choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Many times whole life policies will pay dividends- although not always.
With so many options people tend to find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right life insurance quote for you. Contact Cafarelli Agency today for more information and get a free NY life insurance quote
