l am going to start an insurance policy in Newyork life insurance policy. l am taking policy through one of my friends. l just wanna know what are the things l need to ask them for clarification while taking this insurance policy. l am not aware of the interest rate or any other benefits. Can you pls guide me with this?

ask what is the claim settlement ratio of the company with proof of the same. ask for rules for exception of accepting of claim.

Insurance is not about interest rates and benefits, itz all about servicability of the insurance company.

in FEW COMPANIES the agents are thrown out with a drop of a feather, hence if your policy buying decision has an iota of a focus on your friend then check with the turnaround ratio of agents in that company. You will not be called an orphan policy holder then. l hope you are getting the hint

Ask ur friend if he can act as a broker & sell u a more competitive policy. What r the odds that the agent of NYL is going to show u a NYL policy?.But, what r the odds that policy is the 'best' one for you?

Look here to get quotes on policies & have ur friend sell u one of these. It is good to do business with friends, but make sure what you're buying is good business for you.

http://insurancepickle.com/life-insurance

The quote engine only requires a date of birth.

Why are you getting this insurance? That is the most fundamental question.

Life insurance is not an appropriate ''investment'' for you. It is primary purpose is to protect survivors that depend on you.

Sorry but your friend is selling you their most expensive policy. It also provides the company with the most profit. Ask him about the cost for term and invest the savings difference. NY Life also has savings investments like IRA's. stocks and other things to invest in instead of throwing your money away in a life insurance policy.

OK. it seems u r committed to ur friend & his company. so there is not much questions. in this business u cannot expect much benefits. most probably ur friend will be expecting a reasonable premium amount & u should try to reduce it to ur conditions. first u think how much insurance u need. there must be pure term insurance where the premium is too low. this will give u the basic protection. u can also ask for some critical illness , accident & other necessary rider benefits. if u r not much bothered about the life risk factor & needs returns from the money & willing to share the market risk u may go for a unit linked life insurance in that case the investment amount will be much bigger & ur friend will also be happy. In that case ask for the investment portfolio, performance of the fund for the previous one year , the various charges etc.

Go to your state is department of insurance site. Usually they have consumer articles about different types of insurance policies including life. They are no bias and give some great tips for consumers.

You can find a link to your state is department of insurance at the bottom of the following site: http://InsuranceEasy.org