Life insurance in New York, compared across carriers
Life insurance is how you make sure the people who rely on your income are taken care of if you are not there. Gordon Companies helps families across New York City, Westchester, Long Island and the New Jersey and Connecticut suburbs compare life insurance from multiple carriers and choose coverage that fits.
We are an independent, family-owned brokerage in Midtown Manhattan. You work with a real person who explains the options in plain English and has no reason to push one company’s product.
Term vs permanent life insurance
The first decision is the type of policy. Each has a clear job, and many families end up using both.
Term life insurance
Term life covers you for a set number of years, such as the years your children are at home or your mortgage is outstanding. It is usually the least expensive way to buy a large amount of coverage, and it ends when the term ends.
Permanent life insurance
Whole life and universal life are designed to last your lifetime as long as premiums are paid, and many permanent policies build cash value over time. They cost more than term for the same death benefit, and they are often used for estate planning, business needs or dependents who will need support for life.
Combining the two
A common approach is a permanent policy for lifelong needs and a term policy layered on top for the years when your family’s need is highest.
How much life insurance do you need?
There is no single right number. We start with what the money would need to do, then work backward from there.
- Replace your income for a set number of years
- Pay off a mortgage, co-op loan or other debts
- Fund your children’s education
- Cover final expenses
- Leave something to heirs or a charity
- Account for coverage you already have through work, savings and investments
Housing, childcare and tuition costs in the New York area can push these figures higher than national rules of thumb suggest. Life insurance through your employer is a helpful start, but it often ends or changes when you leave the job.
What affects the cost of life insurance
Carriers underwrite differently, so the same person can be offered noticeably different rates. The main factors are:
- Your age
- Your health and medical history
- Tobacco use
- The amount and length of coverage
- Term or permanent policy type
- Occupation and certain hobbies, such as private flying or scuba diving
Shopping those factors across several carriers is where an independent broker earns its place.
Reviewing the coverage you already have
Marriage, a new child, a new home, a business or retirement can all change what you need. When we review existing policies, we look for:
- Beneficiary designations that are out of date
- Term policies that are close to expiring
- Coverage that no longer matches your debts or income
- Permanent policies whose performance should be checked
Life insurance is one part of protecting your family’s finances. Disability insurance protects your income if you cannot work, and long-term care insurance helps pay for extended care later in life. Families with larger estates often coordinate life coverage with a broader high net worth insurance program.
If you own a business, life insurance can also play a role in key person or succession plans, and in the group benefits you offer employees. For tax, estate and legal questions, we work alongside your accountant and attorney rather than replacing them.
Questions we hear about life insurance
Do I need life insurance if I am single?
If no one depends on your income and you have no shared debts, your need may be small. Some single people still buy coverage while they are young and healthy, to lock in insurability for later.
Is the life insurance from my job enough?
Often it is not. Group coverage is usually a modest amount, and it may not follow you if you change jobs, so most families pair it with a personal policy.
Do I need a medical exam?
It depends on the carrier, your age and the amount of coverage. Some policies require an exam, while others rely on health questions and records.
How often should I review my life insurance?
After any major life event, and every few years otherwise. A short review can catch outdated beneficiaries or a term policy that is about to run out.
Related coverage
Talk to us about life insurance
Start online through our quote request page, or call 212-687-2525 Monday to Friday, 9am to 5pm. A real person on Aaron Gordon’s team will help you work out how much coverage makes sense and compare carriers for you.
