Life Insurance

Amid the grieving process, life insurance can provide crucial financial reprieve for family members mourning the loss of a loved one. Many fiscal hurdles can arise following someone’s death. Managing these challenges may be even more difficult for relatives already stricken with their emotional loss. With that in mind, it’s necessary to understand and explore the many life insurance options available to you. 

Types of Life Insurance 

Life insurance comes in many forms and may be heavily customized to suit your specific needs and preferences. Still, while the details of policies may vary, in most cases, life insurance can be classified as one of the following two primary categories:

• Term life insurance spans a specific period of time and will provide financial assistance to beneficiaries if the death of an insured occurs while coverage is active. Conversely, no payout will be made if death occurs after a policy has lapsed. The benefits of a term life insurance policy include the following:
  • Reduced premiums—Due to the limited active period of term life coverage, insurance companies are generally at lower risk and can offer optimal policies at lower costs.
  • Customization—Term life insurance can be personalized to suit your unique circumstances. Many policyholders may elect to retain coverage only until a certain future milestone, such as children turning 18 or a loan being paid off.
  • Simplicity—These policies generally have fewer components and clauses than their permanent counterparts; they may be an appealing option if your only goal is to make sure your loved ones have the financial resources they need in your absence.
• Permanent life insurance, also known as whole life insurance, provides assurances your family will be cared for. While these policies may mean higher premiums, they also include the following incentives:
  • Lifelong coverage—Permanent life insurance lives up to its name by guaranteeing that beneficiaries will receive a payout regardless of when death occurs.
  • Accrued value—These policies are often capable of gaining cash value over time. Funds can then be used for many purposes, including investing in stocks and bonds or reducing your premiums.
  • Flexibility—Some permanent life insurance policies may include the ability to increase your death benefit by passing a medical examination. Conversely, you may also be able to decrease the death benefit for the purposes of lowing your premiums. 

At James V. Funaro Agency, our life insurance experts can provide you with many coverage options that may be selected according to your needs. Specific policies that may be available to you include the following: 

• Individual life insurance
• Group life insurance
• Long-term care insurance
• Mortgage protection insurance
• Disability insurance
• Second-to-die insurance
• Key person insurance 

How Does Life Insurance Work? 

While there are many different types of life insurance, the general focus of all policies is the same—providing financial resources to beneficiaries following the death of a loved one. These funds can often help family members manage the following costs and losses: 

• Funeral services
• Medical expenses
• Lost income
• Estate taxes
• Remaining debts
• Administrative expenses 

Get the Right Coverage 

Following the death of a loved one, the last things family members should need to concern themselves with are financial matters. Fortunately, a sufficient life insurance policy can provide critical relief and comfort as beneficiaries attempt to navigate their grief. Without adequate coverage, those left behind may be saddled with significant out-of-pocket costs that could have irreparable ramifications for their lifestyle and future. 


At James V. Funaro Agency, an integral part of our mission is helping the people of Bethpage, New York protect themselves and their loved ones with optimal life insurance solutions. We will work with you to analyze your circumstances and build a suitable policy. Contact us today to get started.