Types of life insurance

Find the Right Type of Policy

Once you've got an estimate of how much insurance you'll need, it's time to think about the type of policy that best fits your needs. Today life insurance comes in many varieties, but there are four basic types term, whole life, universal life, and variable life. As a first-time buyer, one will more than likely fit your needs.

Term Life Insurance
As its name implies, term insurance provides life insurance protection for a specific period of years. Benefits can be used to help pay off mortgages and other outstanding debts in the event of a premature death. Generally the least expensive form of life insurance, term provides pure insurance protection only. It does not accumulate cash value, and generally does not receive dividends.

Term may be an ideal choice when you need life insurance coverage for a well-defined period of time. It can be used to protect needs that last for a predictable period, such as a student loan or mortgage. People in their 20s and 30s often purchase a term policy and later convert it to a permanent plan (see Whole Life, below). The conversion privilege in their term policies guarantees their insurability at a later date-even if they become uninsurable.

New York Life Insurance Company makes a variety of term policies available, including five-, ten-, and 20-year policies.

Whole Life
In contrast to term insurance, whole life, also known as permanent insurance, protects you throughout your lifetime, from the day you purchase the policy until you die, as long as you pay the premiums. Another difference between the two is that permanent insurance builds cash value. Through policy loans, you can access the cash values and use them for a host of purposes such as education funding and supplemental retirement income. However, policy loans against the cash value accrue interest and reduce the death benefit and the cash value by the amount of the outstanding loan plus interest. Guaranteed for life, your policy will be renewed every year, regardless of your health for as long as you live, again, as long as required premiums are paid.

Permanent policies are also eligible to receive dividends, a portion of the company's surplus that is distributed to the owners of participating policies. (Dividends can be taken in cash, used to reduce the premium, left to accumulate at interest, or used to purchase paid-up additional insurance. Dividends are not guaranteed.) Whole life can provide a permanent solution to several financial concerns including:

• Mortgage protection: Benefits can be used to help pay off mortgages and other outstanding debts in the event of a premature death.
• Estate preservation: Whole life insurance can provide funds to cover estate expenses and help avoid the need to sell assets and or borrow money to cover these expenses.
• Retirement funding: If the need for death benefit protection has decreased, cash values can be accessed through policy loans or surrenders to supplement a retirement income. Loans will reduce the death benefit.
• Charitable giving: A whole life insurance policy can enable you to make a significant donation to your favorite charity upon your death.
• Business needs: Whole life can be an attractive executive and employee benefit and a means to assure a business's financial future.

New York Life Insurance Company offers many permanent life insurance policies, including Modified Premium Whole Life, and Survivorship Whole Life.

Universal Life
Universal life also provides permanent life insurance protection and access to cash values that grow tax-deferred. Universal Life differs from whole life in its flexibility that enables you to choose the amount of protection that best suits your family or business. With Universal Life, you can increase or decrease your coverage, as your insurance needs change and control the amount and frequency of premium payments. The policy can also be customized with various riders to fit your lifestyle. Universal Life policies are issued by New York Life Insurance and Annuity Corporation.  (NYLIAC)(a Delaware Corporation), a wholly-owned subsidiary of New York Life Insurance Company.

Variable Universal Life*
Variable Universal Life insurance is a type of flexible premium, permanent life insurance policy that allows the policy owners to have premium dollars allocated to a variety of investment options, including a fixed account backed by the assets in the general account of NYLIAC. Variable Universal Life Insurance generally provides a federal income tax-free death benefit, and is accessible through policy loans and/or withdrawals. Note, all guarantees, including death benefit payments are dependent on the claims-paying ability of NYLIAC and do not apply to the investment performance or the safety of the underlying Investment Divisions on the variable universal life policies. Also, loans against the cash value and withdrawals may reduce death benefit and the cash value. If the policy is designated as a Modified Endowment Contract, withdrawals taken prior to age 59 1/2 may be subject to a 10% IRS penalty tax and surrender changes may apply. Additional taxes may apply to policies designated as a modified endowment. The product prospectus contains more information.

There are risks associated with investing in variable universal life insurance policies. Please be aware that assets allocated to the Investment Divisions are subject to market risks and will fluctuate in value. Please be aware there are fees and charges associated with these policies. Variable universal life insurance policies are sold by prospectus only through properly licensed Registered Representatives. To obtain a copy of the product and fund prospectuses for a VUL policy that may be right for you, please contact your NYLIFE Securities LLC Registered Representative or call 1-800-598-2019. Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. Both the product and the underlying fund prospectuses contain this and other information about the product and underlying investment options. Please read the

prospectuses carefully before investing.

Source: http://www.newyorklife.com/nyl/v/index.jsp?vgnextoid=3fcace42249d2210a2b3019d221024301cacRCRD

Determine the Amount of Coverage You Need in life insurance

  Determine the Amount of Coverage You NeedThe amount of money your family or heirs will receive after your death is called a death benefit. To determine the proper amount of life insurance an online calculator, like the one available at this site, can be helpful. You can also get a ballpark figure using any number of formulas. The easiest way is to simply take your annual salary and multiply by 8. A more detailed method is to add up the monthly expense your family will incur after your death. Remember to include the one-time expenses at death and the ongoing expenses such as a mortgage or school bills. Take the ongoing expenses and divide by .07.That indicates you'll want a lump sum of money earning approximately 7% each year to pay those ongoing expenses. Add to that amount any money you'll need to cover one-time expenses and you'll have a rough estimate of the amount of life insurance you need.

As useful as calculators and rough estimates are, there are some things they don't do.

They cannot provide you with any final answers. Calculators only allow you to perform "hypotheticals," recalculating and generating new results as you make and input new assumptions. Using these tools and educating yourself on the workings of life insurance and other financial products, however, can help you feel more comfortable when discussing your needs with such professionals as a New York Life agent

Source: http://www.newyorklife.com/nyl/v/index.jsp?vgnextoid=3fcace42249d2210a2b3019d221024301cacRCRD.

Understand Why You Need life insurance

Looking to buy life insurance for the first time? If so, you're probably asking yourself questions such as "How much do I need?", "What kind of policy is best?" and "Which company should I buy from?" There's no question buying life insurance for the first time, like any other new experience, can be more than a bit daunting. Below are six important tips that we hope will make the process smoother, eliminating frustrating false starts and unnecessary bumps in the road.

Understand Why You Need It
While most people may need life insurance at some point in their life, don't buy a policy just because you heard it was a good idea. Life insurance is designed to provide families with financial security in the event of the death of a spouse or parent. Life insurance protection can help pay for mortgages, a college education, help to fund retirement, provide charitable bequests and of course is a key element in estate planning. In short, if others depend on your income for support, you should strongly consider life insurance. Even if you don't have any of these needs immediately, you still may want to consider purchasing a small "starter" policy, if you anticipate you will have them in the future. The reason: the younger you are, the less expensive life insurance will be

Source: http://www.newyorklife.com/nyl/v/index.jsp?vgnextoid=3fcace42249d2210a2b3019d221024301cacRCRD

Top 5 Ways to Lower Your Risk of Heart Disease

1. FOLLOW A HEART HEALTHY DIET 
Following a few simple rules as laid out in our Healthy Heart Diet section can significantly decrease your chances of developing heart disease. A brief summary follows:

A. Limit intake of trans fats and hydrogenated oils found in margarine, fast food, fried food, etc.

B. Limit refined sugar intake from cakes, cookies, candy, etc.

C. Use extra virgin olive oil and garlic in cooking - they can lower cholesterol

D. Add Omega 3 Fatty Acids to your diet - the best source is Fish Oil


2. EXERCISE REGULARLY
Developing a steady exercise program as described in our Exercise for Healthy Heart section can also lower your risk of heart disease. A few quick tips:

A. Try to exercise 3-4 times per week, for at least a half hour at a time.

B. Keep your routine going, and start off slow.

C. Always stretch before and after training.

D. Keep yourself hydrated and rest between sets.


3. LEAD A HEALTHY LIFESTYLE
In addition to following a healthy diet and exercise regimen, you should also try to do the following:

A. Stop smoking and avoid second hand smoke - both are major causes of heart disease.

B. Limit your intake of alcohol - excessive alcohol can deplete your body's supply of vitamins and other nutrients.

C. Try to reduce stress and anxiety - they can lead to high blood pressure and other health conditions.

D. Keep your weight within recommended limits - obesity is a leading cause of heart disease.

4. KEEP TABS ON THE (4) BLOOD INDICATORS OF DEVELOPING HEART DISEASE
Make sure you get tested for increased cholesterol, triglycerides(fat), homocysteine and C Reactive Protein levels, and follow the protocols if any one of these indicators is elevated:

A. If your cholesterol is high, you can lower cholesterol naturally with policosanol, guggulipid and other herbal extracts as well as Fish Oil. Remember, only 20% of your cholesterol comes from what you eat, the other 80% is manufactured by your liver. Read more about lowering cholesterol .

B. If your triglyceride (fat) levels are too high, lower your carbohydrate and sugar intake. Also, fish oil, Vitamin C, guggulipid and green tea are safe natural ways to lower triglyceride levels. Read more about lowering triglycerides .

C. If your homocysteine levels are high, you can easily normalize the situation by including B Vitamins in your diet, particularly Folic Acid, Vitamin B6 and Vitamin B12. Read more about lowering homocysteine .

D. If your C Reactive Protein levels are high, this indicates inflammation in the blood. Fish oil, ginger and MSM will help decrease inflammation naturally. Read more about lowering C Reactive Protein .

Introduction to healthy heart guide

Why do you need to keep a healthy heart?

Heart disease is the #1 cause of death in men and women, greater than the next five causes of death combined!

According to the latest estimates by the American Heart Association, over 64 million Americans have one or more forms of cardiovascular disease (CVD).

Fortunately, there are ways to significantly lower your chances of developing heart disease and reverse the effects of a current heart condition you may or may not be aware of. Lower cholesterol, triglycerides, homocysteine and CRP levels are a start to promoting healthy hearts.

At Healthy Heart Guide, our mission is to educate you about taking care of your heart, as well as the rest of your body. With a few lifestyle changes along with a heart healthy diet and exercise regimen, you can maintain a healthy heart for life!

You can do a lot to influence your risk of heart disease, and it's never too late to start promoting a healthy heart.

Learn about the four leading indicators of heart disease, and how you can lower your blood levels of all of them.

Also, learn about how a heart healthy diet and exercise can significantly reduce your chances of a heart-related condition.

Finally, find out about specific nutrients that can strengthen your heart and promote cardiovascular health, how to lower cholesterol, lower triglycerides, reducing homocysteine and other healthy heart techniques.

Inspiration of the Day - 3/3/11

By associating with wise people you will become wise yourself.
Menander

Success breeds success.  I know you have heard that saying before.  And if you want to be successful, hang around successful people.  It's a proven method, not just a saying.  The people we choose to surround ourselves with have a direct affect on how we act and how we are looked upon.  Nobody really cares what anyone else thinks about them...we are not insecure...but when it comes to how someone important is viewing you, who you are surrounded by at the time they are paying attention to you has all the weight in the world.  You never know who is watching you and what opportunities are just a step away just from a person of influence being impressed by the way you conduct yourself.

Not only that, but the people you choose to surround yourself with will have an impact on the way you think and view life.  Their attitudes and habits WILL rub on you sooner or later.  There is fighting it.  We are social creatures that adapt to our surroundings.  That's why we've survived as a human race for thousands of years...we adapt well.  Hang around negative attitudes too much and pretty soon you will have one.  Stay around positive people and you'll find yourself at ease, drama free.  Try it and see what happens.  You'll feel the difference.  Moving from a negative to positive environment is like lifting a 1000 lb. weight off of your shoulders. 

Have a good day!

-LK

5 Habits of Succesful Gym Go-ers

  Fact is, all gym go-ers are not alike.  There are reasons why some people reach (and surpass) their goals, while others don't.  Sure, I could ramble on and on about what exercises you should be doing, how many reps and sets, what recovery drink you should consume after your workout, how much cardio you should be doing, and so on.  Instead I have listed 5 of the most important habits, in my opinion, succesful gym members should posses if you hope to better your body and your overall health.

So here we go!

Habit # 1:  A well written exercise program/routine.

   What happens when you go to the grocery store without a list?  You end up buying a lot of crap you don't need right?  I'm sure the family sized tub of Haagen Dazs really was a steal.

   People that go to the gym without planning what exercises they are going to do that day are wasting their time.  You can normally spot these people huddled around a television set, circling around the gym floor, or doing 18 sets of bicep curls.  To be able to improve your body, you MUST have a routine that addresses your goals and weaknesses.  You should also be carrying this program around with you and writing down the weights you used, how many reps and sets you completed, and how much rest you had inbetween each completed set.  The really good exerciser will not only keep track of these numbers, but will try and improve these numbers each time they workout. 

Habit # 2:  No Ego!

   So what if that guy at the squat rack is deadlifting 305lbs; or that woman has been running on the treadmill for the past half hour at a speed of 11mph at a 4% incline.  What others are doing do not effect how your training session will go.  You have your own goals and your own limitations to worry about.  There's no need to feel intimidated or feel like others are watching you with a high resolution magnifiying glass.  When I work out I'm on a mission, and I have no time to worry about anything or anybody but myself.

Habit #3:  In it for the Long Haul!

  Training to improve your body and health should be a lifelong commitment.  Rome wasn't built in a day.  Some days you have it and some days you don't.  The best thing to think about after one of those less than average trainning days is that the next training day is right around the corner.  Hang your hat on the fact that you always have another chance at improving.  Those who get discouraged and quit never realize the fact that keeping a healthy lifestyle is a LIFE LONG choice, not just a repetitive New Year's resolution.

Habit #4:  Lift Heavy Things

  The overload principle states that a greater than normal stress or load on the body is required for training adaptation to take place. So if you're twirling around a little pink dumbell and barely breaking a sweat, you're not doing yourself any good.  You must challenge your body in way that forces it to adapt.  So if you're lifting weights, make sure they are heavy enough to challenge you!  You may not be able to complete the last 2 reps on your final set but that's the point.  Keep trying until you can finish that final set, then pick up some heavier weights.

Habit #5:  Listen to Your Body

   The great ones always have this in mind.  As you improve your body, you will become more aware of what you're capable of and what your not.  You aren't in high school anymore, so why are you still trying to perform your high school football lifting regimine?  If your lower back hurts, why are you trying to do back squats?  The phrase "No pain, No gain" should not be your mantra.  If your back hurts, try dumbell lunges instead of your usual back squat.  If your shoulder hurts, don't try and power through some shoulder presses.  Maybe take some time on mobility and flexibility instead.  You're not going to lose ground if you can't complete your program exactly they way it's written everyday.  You should be prepared with alternative exercises or ideas to get you through these roadblocks.

And there you have it!  Let me know what you think of these habits, or if you have any that you think I missed.  But I want to challenege you to honestly ask yourself how many of these qualities you actually possess; and when do you think your going to start to try and develop these habit?