When it comes to insurance, most people know the importance of protecting their possessions and make sure their homes and automobiles are fully covered. New Yorkers are particularly good at this—even in a recession that is causing more people to forgo auto insurance, New York has one of the lowest rates of uininsured motorists at just 5%, compared to almost 14% nationally.
But it's equally important to protect your physical well-being, and part of this is making sure you have health insurance and adequate life insurance. This is an area where New York could stand to improve. 15% of New Yorkers are without health insurance compared to 14% nationally. When shopping for insurance, you should include health and life in quotes for your New York insurance rates. Knowing more about health and life insurance in New York can help get you lower New York insurance rates, so you can ensure you and your family are taken care of.
Health Insurance in New York
Studies have shown that people without health insurance are less likely to go to the doctor when ill or even the hospital in more serious situations when they don't have insurance. Most people get insurance from their employers, but if this is not possible, you still have a number of options that provide more flexibility than group health insurance through an employer would. For example, New York currently has a program called Healthy New York, designed for children and those who are working but are uninsured.
If you have a business and employees, you will want to consider offering group health insurance for your employees. As an employer, there are many things you will want to consider when getting New York insurance rates for your employees, such as types of insurance, copays, and so forth.
Life Insurance in New York
No one wants to think about their own death, but life insurance will help ensure your loved ones are taken care of in the event of your death. There are several types of life insurance, including:
- Term life insurance. This is an affordable option that offers life insurance coverage for a set period of time; for example, 15 years. As a general rule, the younger and healthier you are, the less your premium will be.
- Universal life insurance. Unlike term life insurance, universal is permanent and doesn't end at a specified time. This type of policy is based on a cash value with interest that accrues as the policy grows.
- Permanent life insurance. This policy remains in effect for the insured's life, and it also collects a cash value from interest that can be withdrawn throughout the insured's life.
Comparing New York Insurance Rates
Because New York insurance rates vary widely with each company, whether you're buying life insurance or car insurance, shopping around and comparing rates is essential for getting an affordable policy. Localinsurance.com is an excellent, free resource for finding all types of New York insurance information, providers, and quotes.
