Need New York Life Insurance Quotes?

Purchasing life insurance in New York is an important matter and as such, it deserves significant thought and consideration. Several factors may affect your decision regarding the type and amount of life insurance that you choose to purchase. Regulations regarding life insurance vary from one state to the next. Be sure to consider the following facts, when considering the purchase of New York life insurance.

Insolvency coverage is limited to $500,000 for all life insurance benefits, including cash values in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection regarding assets, an annuity is exempt to the extent determined by the court that it is needed for the reasonable requirements of the debtor and the debtor's dependents. In bankruptcy, the annuity exemption for annuities purchased within 6 months of the filing of a bankruptcy is limited to $5,000. The cash surrender value of a life insurance policy is protected from the policy owner's creditors. Life insurance proceeds and avails (death benefits, cash surrender and loan values, premiums waived, and dividends that the owner has not elected to receive in cash) are protected from claims of the creditors of the insured, the beneficiary and the policy owner; except in the case of a policy owner who is the beneficiary of a policy insuring his own life or the life of someone other than his spouse, in which case, the death benefits of the policy are not protected from the claims of the creditors of the policy owner's estate.

In New York, an estate tax is computed using federal tax rates that were applicable to deaths prior to 2002.

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