I just had an agent discuss me on
New York life insurance with a cash value option. Its actually for me. My husband is still geared on thinking that Life insurance is a rip-off and to invest the money elsewhere. I gave a check to my friend for $197.86 and I need to get examined first and it takes four weeks and the money will get debioted from my checking account every month. I did not sign an eletronic agreement and would not allow automatic wothdrawal. I prefer to submit a check. All I wanted was a $10,000.00 Life Insurance Policy to just pay for my funeral expenses. I didn't get any paperwork and will get it later. Just a copy with my signature. I could cancel it if I want because I didn't get examined yet and I am going to my bank to seize any auto-deductions from New York Life without my consent approval.
Then there are different types of policies that have different types of options on taking out money etc. (or term that is only good for a number of years)
You may also want to consider a payed up policy. This is making one payment now for a life of the policy. You could then compair the price of that with a zero coupon bond and see what would better for you to put your money in.
I would be surprised if New York Life has a competive (good priced) product for you.
You probably would be better off going to an online insurance broker who would give you quotes from many different insurance carriers.
Tim Stoner
Founder and President
Stoner Financial