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Do I Have the Right Type of Life Insurance?

Your need for life insurance changes as your life changes. You may need less life insurance when you’re younger, but as you take on more responsibilities and as your family grows, the amount and type of life insurance that fits your circumstances changes.
There are many different types of life insurance. But generally, life insurance policies fall into one of two categories, temporary or term insurance, and permanent or cash value insurance.
 
​Term Insurance
 
Term insurance provides coverage for a specified period ranging from 1 to 30 years. Premiums are typically lower compared to permanent life insurance. If you die during the coverage period, your beneficiary receives a specified death benefit. If you live to the end of the specified period, coverage ends and the policy has no cash value.
 
Permanent Insurance
 
Unlike term insurance, permanent insurance continues throughout your life as long as you pay the premiums. As with term insurance, permanent insurance pays a death benefit to your beneficiary at your death, but it also contains a cash value account funded by your premium dollars. The cash value portion of the policy grows, tax deferred, as long as the coverage remains in force. With permanent insurance, you can tap the dollars in the policy even while you’re alive. You can borrow against the policy, and in some cases, withdraw part of the cash value. Keep in mind, though, that unpaid loans and withdrawals will decrease the death benefit available to your beneficiaries, and reduce the cash value, which may cause the policy to lapse
.
What’s right for you? Think about what protection you need and what you can afford before you purchase any type of life insurance. If you really need insurance but don’t have the discretionary income, term insurance may be your best choice. On the other hand, if you want lifetime coverage and you’re interested in accumulating cash value, then permanent insurance may make more sense.
 
Copyright 2011 by Broadridge Investor Communication Solutions Inc.
All Rights Reserved.
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Insurance products are offered through LPL Financial or its licensed affiliates, member FINRA / SIPC. New York Community Bank, New York Commercial Bank and CFS Investments, Inc. are not registered broker / dealers and are not affiliated with LPL Financial.

Not FDIC Insured ​No Bank Guarantee ​Not a Deposit
​May Go Down In Value ​Not Insured by Any Federal Government Agency

This site is designed for U.S. residents only. The services offered within this section are available exclusively through our U.S. Investment Representatives. LPL Financial's U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.
 

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The Divisions of New York Community Bank

Queens County Savings Bank​

Established on April 14, 1859 in the village of Flushing, Queens County Savings Bank was the first savings bank chartered by the State of New York in the New York City borough of Queens. Until then, local residents would need to travel to Manhattan to do their banking; the opening of the borough’s first local bank was accordingly met with elation and relief.

While the bank expanded here and there over the course of the next 14 decades, its greatest growth occurred in just the last 15 years. In anticipation of expanding its franchise through the first of several mergers, the Bank changed its name to New York Community Bank on November 21, 2000. By the end of that year, NYCB had grown from 14 to 86 branches; today, it has more than 220 branches in five states.

In deference to its heritage as a Queens-based institution, the Community Bank operates each of its 38 branches in the county under its original name, Queens County Savings Bank.

Roslyn Savings Bank

Established in 1875, The Roslyn Savings Bank was the first financial institution headquartered in Nassau County, one of two counties--with Suffolk--that constitute Long Island, New York. Its founders wanted to build a bank that would provide the Island’s residents with a safe place for their savings, as well as the financial assistance they’d need to build or purchase homes.

A member of the NYCB Family of Bank since October 31, 2003, Roslyn Savings Bank today serves the Island’s businesses and consumers through 42 conveniently placed branch offices.

Richmond County Savings Bank

A member of the NYCB Family of Banks since July 31, 2001, Richmond County Savings Bank is the third oldest of our divisions, with roots that go back to October 30, 1886. It was then that the bank was established to serve those who lived and worked on Staten Island, and it was less than one year later that it made its first mortgage loan.

Today, nearly every street on the Island has at least one home that was financed by Richmond County Savings Bank.

Originally located in the Odd Fellows Building at the corner of Richmond Terrace and Broadway, the Bank today has 20 convenient banking locations in all.

Roosevelt Savings Bank

Roosevelt Savings Bank was established in 1895 on the corner of Gates Avenue and Broadway in Brooklyn under the name “Eastern District Savings Bank.” In 1920, the bank changed its name to honor the memory of the nation’s 26th president, Theodore Roosevelt.

In February 1999, Roosevelt Savings Bank merged with and into Roslyn Bancorp, which merged with and into New York Community Bancorp, Inc. in October 2003.  Today, Roosevelt Savings Bank serves its customers through seven branches in Brooklyn as a member of the NYCB Family of Banks.

Garden State Community Bank

Garden State Community Bank has been a member of the NYCB Family of Banks since March 2008, when we combined all the branches of four smaller New Jersey-based divisions--First Savings Bank of New Jersey, Ironbound Bank, Penn Federal Savings Bank, and Synergy Bank—into a single division with a highly relatable name.

While Penn Federal Savings Bank and Synergy Bank were directly acquired in 2007, First Savings Bank of New Jersey and Ironbound Bank were acquired in 1999 by Richmond County Financial Corp., which subsequently merged with NYCB.

By combining the strengths of these four local banks with the strengths of our institution, we established a Garden State community bank that offers more products and services, and more convenient locations, than any one of these banks provided on its own.

Today, we serve our customers through 45 branches in Essex, Hudson, Mercer, Middlesex, Monmouth, Ocean, and Union Counties, most of which first opened their doors nearly 14 decades ago.

AmTrust Bank

AmTrust Bank is one of the more recent additions to a respected banking family that has been serving customers and communities for more than 156 years.

The first branch of AmTrust Bank opened its doors in the late 1980s, when Ohio Savings Bank opened the first of its branches in south coastal Florida under the “AmTrust Bank” name. Eleven years later, it expanded again--this time to Arizona--and on December 4, 2009, it joined the NYCB Family of Banks. With our acquisition of Desert Hills Bank less than four months later, we further expanded our franchise in the Grand Canyon State.

Currently in its seventh year as an NYCB division, AmTrust Bank serves its customers through 41 convenient branches: 14 in central Arizona and 27 in Florida.

Ohio Savings Bank

Ohio Savings Bank is one of the more recent additions to a respected banking family that has been serving customers and communities for more than 156 years.

Established in 1889 as the Ohio Savings Home Loan and Building Co., the bank’s initial expansion was limited to Ohio until it opened its first Florida branch in 1989. Eleven years later, it expanded again, this time to Arizona. And seven years later, it changed its name to AmTrust Bank.

On December 4, 2009, AmTrust Bank became the newest member of our banking family, the first of our divisions to serve customers in non-contiguous states. Four months later, we elected to pay tribute to its forebear, by operating our 28 branches in Ohio under a more suitable name: Ohio Savings Bank.

To learn about our commercial bank, visit

New York Commercial Bank 


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