October 1999

Experts Recommend Reviewing Life Insurance Needs

NYSSCPA Plan Provides Coverage to Protect Your Family

By Ed Parker

It is often hard to discuss. Many people put off talking about it. Protecting your family in case of your death is not an easy topic but it is an important one. Have you taken the time recently to sit down and review how much life insurance you should have so your family and loved ones will not have to deal with a financial in addition to emotional burden when you pass away?

Based on research from the Society of Actuaries, you should have a minimum of six times your gross annual income in life insurance benefits. If you have several young children, large financial obligations, or other financial concerns, chances are you should have even more coverage. Insurance specialists recommend a regular review of your life insurance needs.

Purchasing term life insurance through the NYSSCPA instead of individually provides Society members with group savings and a cost-effective way to supplement your existing life insurance portfolio and keep it up-to-date with your needs. The NYSSCPA term life insurance plan, underwritten by the United States Life Insurance Company of New York City, provides up to $1 million in benefits.

Policyholders can select coverage from $25,000 to $1 million, available in $25,000 units--allowing you to apply for just the amount of coverage you require to help your family and loved ones. The plan's additional features include a nonsmoker discount that provides even greater savings for those who qualify, premium waivers for those suffering from total disability, benefits for the terminally ill, choice of beneficiary, and coverage availability to age 75.

All Society members under age 70 and their spouses can apply; spouses are eligible even if the member chooses not to apply. In addition, all employees of
NYSSCPA members are eligible.

Take the time to check your life insurance needs. The Society's plan is risk-free. If you are not completely satisfied, return your insurance certificate within 30 days to end coverage and receive a refund.