Many things can affect the price of life insurance, but the most obvious are age, health and lifestyle. The risks of age, health and lifestyle are always taken into account when determining life insurance premiums. If you are concerned about your eligibility for Life Insurance you should talk to a New Jersey insurance specialist. Bogle Agency Insurance agents are knowledgeable about how life insurance premiums are affected by various factors and can help you assess your eligibility.
Things that affect the premium for life insurance
Age is of course the most prominent article that affects the price of life insurance. If you buy life insurance in old age, the premium will be higher. You will probably not live that long, so the premium is higher. Your personal habits can be important factors in the life insurance price. Smoking and alcohol consumption as well as other risky behaviors have a negative effect on life insurance premiums. Other health problems such as high cholesterol, obesity and all existing medical problems will affect the determination of eligibility and the price of life insurance.
Types of Life Insurance
Whole Life Insurance
Whole life insurance covers you for the rest of your life. This type of life insurance provides death benefits and additional cash value that grows during the insurance period. Usually, you need to qualify for a health exam. It takes a number of years before a cash value accumulates. The whole life insurance may cost more at first, but will eventually save money if it remains in force for a long time.
Term Life Insurance only death benefits and only pays if you die within the police time limits. This is the most affordable life insurance option. Term Life is purchased for a specific period of time – 5, 10, 15 or 30 years, which is a "term".
Combined Term and Whole Life Coverage
] This type of policy combines the ability to build lifelong value, while complementing certain specific times in your life (for example, during children's education, when you have a mortgage, etc.) with the protection of a term policy. Combined Term and Whole Life coverage offers the best of both worlds.
Learn More About Bergen County NJ Life Insurance Options For You
Bogle Agency Insurance is a leading life insurance agency like all other types of insurance in Bergen County and throughout New Jersey. Call us for a consultation with an agent to discuss life insurance and the factors that affect premiums. Our team of specialists will help you inform yourself about the options available and the costs. Our focus is to help you choose the right life insurance for you and your family. We can be reached at (201) 939-1076 – call us today.