If you have a family or loved ones who depend on you financially, life insurance can help you protect them. If something happens to you, the death benefits your policy provides can help them meet their future financial needs.

A life insurance policy is an exchange of promises
When you purchase life insurance, you and the insurance company enter into a contract in which you each make important promises.  You promise to pay the policy premium.  In return, if you die while policy is in force, the insurance company promises to pay a death benefit amount to the people you’ve named as beneficiaries.  

When the policy is issued, the death benefit coverage it promises to pay helps protect the financial security of the loved ones you’ve chosen as beneficiaries.   If something happens to you, the death benefit provides funds they can use to pay such things as the mortgage, buy food and clothing, and get an education.  Life insurance death benefits will help support them economically if you can’t be there to do it yourself.   

How do I get a life insurance policy?

These are the steps that usually take place in getting life insurance coverage:

  1. You submit an application for insurance with information about you.
  2. The company reviews the information and evaluates your health, family history and medical condition. 
  3. If you meet their guidelines, you can get coverage at a specific premium rate.  
  4. You accept by agreeing to their offer, completing the appropriate paper work and medical exams, if necessary, and making a premium payment.
  5. You have a period of time (often ten days after delivery of the policy but this varies by state) to change your mind, cancel the transaction and get your money back.  

Who are the parties in a life insurance policy?

  • The Insured—the person whose life is insured and whose death triggers the death benefit payment.
  • The Policy Owner—the person who applies for the policy and who owns it after it is issued
  • The Beneficiaries—the people who the policy owner names as those entitled to receive death benefits under the policy after the insured’s death
  • The Insurance Company—issues the policy and is responsible for paying the death benefit to the beneficiaries if the insured dies while the policy is in force
  • The Agent—the person who represents the insurance company and who handles all the required paper work so the coverage can be put in place.   

Life insurance products are issued by ReliaStar Life Insurance Company of New York (Woodbury, NY) and Security Life of Denver Insurance Company (Denver, CO). Variable universal life insurance products are distributed by Voya America Equities, Inc. Within the state of New York, only ReliaStar Life Insurance Company of New York is admitted and it's products issued. All are members of the Voya® family of companies.