Life (New York) - Life Insurance
Bankers Life Are
Life Insurance Company of New York has been serving the need
for high quality insurance and financial products to business
owners and families in New York since 1958. Their combination
of innovation, financial strength and excellent service has
helped position Bankers as a premiere insurance carrier in
Bankers Life - Mission Statement
Life's mission is to satisfy the life insurance needs of a
diversified customer base with competitive products, value
added services, advanced technologies, financial strength
and conservative investment philosophies.
Bankers Life Products
Life has developed a product line specifically designed with
the needs of the business owner in mind. A cornerstone of
this line is their EGUL Solution plan, which offers a variety
of choices for employers and employees. It is a competitively
priced product designed to offer large amounts of coverage
at relatively low cost. This product is used for the business
owners family, estate and business continuation needs.
Through the use of their multiple employer trust, businesses
can participate with one life or more an excellent
benefit, for small businesses.
taxes could possibly be one of the largest tax expenses that
a family will ever have to confront. Under current IRS regulations,
an estate valued at $625,000 or more will be subject to estate
taxes. Without proper planning, an estate can shrink by up
to 50 percent or more. However, because of the unlimited marital
deduction, estate taxes may not come due on the first death
of two spouses.
why many turn to life insurance as a cost effective and efficient
way to cover the costs of estate taxes. With the advent of
second-to-die life insurance products, Bankers Life can combine
the cost advantages of joint mortality, with the need for
cash flow upon the second death of two spouses. Their Survivor
Solution Universal Life product offers the benefits of such
protection with the flexibility of Universal Life.
Portfolio of Family Products
Life has a 40-year tradition of satisfying the needs of families
throughout New York. As with business owners, the insurance
needs of families are changing with the times Bankers
Life is committed to keeping pace with these changes with
a growing portfolio of products.
trends that affect the insurance industry include the aging
of our population, the changing demographics of the work force,
and the increased mobility and education of their customers.
External forces such as the economy and the increased scrutiny
of the life insurance industry in general have created the
need for affordable products and attractive guarantees.
Flexibility is often a prime requirement in family life insurance
products. As a family goes through its life cycle, the need
for protection and the ability to afford it often fluctuate.
To help families adjust to these changes, Bankers Life has
been a leader in the development of flexible premium adjustable
life insurance, also known as Universal Life.
Life is designed to allow for changes in premiums and coverage
within one policy. For example, with marriage and the birth
of children the need for coverage increases dramatically,
but the ability to pay for it may not. However, as earned
income increases, a family may decide to increase premiums
in order to step up the rate of cash accumulation for use
as a living benefit. This cash accumulation may be utilized
as a fund for a childs education, emergencies, or other
needs. Bankers Life offers two single life universal life
products Lifetime Solution Universal Life and EGUL
Solution Universal Life, and one second-to-die product, Survivor
Solution Universal Life.
Bankers Life offers whole life insurance that combines the
guarantees with the added advantage of current interest rates.
Legend Whole Life is an interest-sensitive whole life plan
with fixed, guaranteed premium and cash values. Favorable
claims and investment experience provide the company the opportunity
to credit higher cash values, over and above the guarantee.
For those who can afford whole life insurance, it is an excellent
cash accumulator and provides protection for life.
The aging of the baby boomer generation is beginning to have
a profound impact on our economy and the needs of the insurance
market. Senior citizens are living longer, healthier lives
and consequently require death benefit protection that is
available for purchase at older ages. Bankers Life has a solution
Life offers a whole life product with strong guarantees, but
that requires no medical exam. Individuals 0-75 may apply
for Classic Life in amounts up to $25,000 of coverage and
are underwritten and approved based on a few medical questions
and a private phone interview. It provides a way to pay final
expenses, leave a gift for children or grandchildren, or make
a charitable contribution.
Economic forces often leave families struggling to afford
permanent life insurance coverage, but with a need for shorter-term
protection. Term insurance can bridge the gap between the
need for a permanent plan and the ability to afford it.
insurance provides pure death benefit protection without a
cash accumulation component. Consequently, the immediate cost
is much lower than that of a permanent plan. As age increases,
premiums increase, but while an individual is young, term
insurance offers the most affordable protection available.
When an individual is able to afford the permanent plan, term
insurance can usually be converted without evidence of good
Life offers several term product choices. These include plans
with guaranteed level premiums for 10, 15 and 20 years and
15 and 20 year plans with a 7 year guarantee. Rates are very
competitive, particularly for preferred risks. Policy form
L-501C and L-501D.
Tax deferred growth can also be an important part of a familys
financial portfolio. Bankers Life offers a flexible premium
deferred annuity (Triple A, policy form A-2G) and a single
premium deferred annuity (Excelsior, policy form A-SP) to
suit this need. Both offer attractive interest rates and shield
those earnings from current taxation; therefore they are perfect
for retirement planning.
65 Froehlich Farm Blvd,