Brian McLane

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LIFE INSURANCE FROM NEW YORK LIFE IS AT TOP OF BIRTHDAY WISH LIST

September 20th, 2010 · No Comments · Social Commentary

2012, tornadoes in Brooklyn, what next? Well probably a good idea to get some life insurance right about now.

People who have read my blog before know how irritated I get about those inane insurance commercials. See previous post re Geiko, E-Surance, and the all-annoying Flo from Progressive. That said however, there is an EXCELLENT ad campaign that is running from All-State right now starring “Mr. Mayhem” who entertainingly demonstrates that you get what you pay for with these create your own plan products particularly with respect to the latter of the three.

Since we had Sofia, Shorena and I have made purchasing life insurance a top priority. The insurance companies I mention above clobber you over the head with so much advertising that it gives one a bad impression about buying insurance. How can their rates be low if they’re spending so much money on advertising? Yet I’m getting older, still in, I’m told “preferred” shape (i.e. dont smoke, not obese…).

I better arrange for an exam before the holidays.

Here are some of the questions I wound up asking when I met with a NY Life (the company that you keep), representative down at their offices on lower Broadway a few weeks back.

Since life insurance is a risk related business, and 100 percent of people die, how does the life insurance company make money after paying out a death benefit?

The answer I was told is that they invest your money conservatively and have complex algorithms for ensuring they don’t lose. Some policies are actually investment products and pay dividends.

To get something other than term life (which goes away along with your money when you hit a certain age like auto insurance), you would generally spend $2,000 a year at my age and the older you get the more that goes up. Just remember you get what you pay for.

Do LI companies always pay off? When not?
Answer: Suicide or under suspicious circumstances.

What is term life? Any other kinds of LI?
Term means they assess an age when they think you’ll die and if you make it that far, you lose. But there are ways you can use your life insurance policy as a savings vehicle. Or you can start with a term product, just in case (I get nervous everytime I fly), and upgrade after a fee years when you begin to think less about such inevitabilities. All NY Life Term products have a convertibility feature.

With all the online insurance shopping at sites such as matrix.com, remember you get what you pay for. And at NY Life I was even shown a $100,000 term product for as little as $19/mo.

So to sum up, get some kind of coverage no matter what. When the economy starts to turn around you can increase it.

Remember anything can happen. We did just have a tornado in roll through Brooklyn.

TORNADO IN BROOKLYN?  LIFE INSURANCE PROBABLY A GOOD IDEA WITH MAYHEM COMING

TORNADO IN BROOKLYN? LIFE INSURANCE PROBABLY A GOOD IDEA WITH MAYHEM COMING

Brian McLane is the President of SplashVideo.tv, a New Media Marketing and Mobile Content Delivery Services Organization based in Midtown Manhattan.

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