Life Insurance is a protection against financial adversity that your family may face should you die unexpectedly. This presupposes that you are the breadwinner in the family and that they would be left without income. There are two types of life insurance – life insurance and life insurance. Term Life Insurance only pays death benefits, and only if you die within the insurance limits. The name "life insurance" means that this type of insurance is purchased for a certain period of time or "period", such as 5, 10, 15 or 30 years. The entire life insurance covers you for the rest of your life. This type of insurance provides a dividend at the time of death, as well as other benefits that have been built up during the insurance period. Bogle Agency Insurance agents guide you through the life insurance options available.
What are NJ Life Insurance Options?
The most basic life insurance policy gives your beneficiaries a death benefit to cover funeral expenses and loss of your income. There are other options and they can include the following.
- Cost of living : Life insurance can cover your family's expenses such as mortgages, college expenses and even outstanding debts.
- Funds or Charities : Life insurance can be set up to pass on to your heirs or to a favorite charity. . It may even cover the cost of the remaining life insurance premiums.
- Continuation of business : Entrepreneurs can buy life insurance to protect their business should they die. An agreement can be made where the insurance pays benefits to a surviving partner with the money to buy the share of the business you own.
What is the difference between life insurance and life insurance?
Term life insurance only provides death benefits and only pays if you die within the insurance limits. This type of life insurance is the cheapest, but becomes more expensive as you get older. Term Life Insurance can be converted to Whole Life Insurance.
The entire Life Insurance covers you for the rest of your life. It pays death benefits and usually has other benefits. In most cases, you need to qualify for a health examination. This type of life insurance has higher premiums than Term Life in the beginning, but if it remains in force for a long time, it can become a saver.
Term and full life insurance coverage can be combined to build value during your lifetime. It can complement certain periods of your life when you have high costs, such as when you pay for a mortgage or when your children go to college.
Call A NJ Insurance Expert
Choosing the Life Insurance option that suits your needs can be a difficult decision. Bogle Agency insurance agents have the knowledge and experience to guide you through the options and help you make the best choice. We advocate for our clients in Bergen and Morris County NJ and focus on helping you make the right decision regarding insurance needs. Our agents let you review various life insurance options and guide you towards the best and most affordable for you. Call us today – we can be reached at (201) 939-1076