At The Insurance Center of North Jersey, we know that the primary reason that people buy life insurance is to provide financial security for their loved ones. In that way, buying coverage might be described as both a sound financial decision and an expression of caring. While deciding that you need this kind of protection might be easy, it isn’t always as easy to make decisions about the right type and amount to purchase. We have decades of experience helping individuals, couples, families, and businesses make the best choices for their own unique situations.
Why Buy Life Insurance?
The main reason that individuals purchase protection on their lives is to provide a cash benefit for their loved ones just in case they should pass away unexpectedly. It only makes sense that many people become interested in securing their future when they experience major life events like a marriage, the birth of a baby, or the purchase of a home. However there are many different types of life insurance policies. Some of them also offer additional benefits that go beyond the death benefit, and these policies might also provide good financial tools to use while the insured person still lives.
Basic Types of Life Insurance
Each individual, family, or business owner has different needs to consider. While we can offer customized policies for our clients, these are the basic kinds of coverage to consider:
- Term life: This kind of policy just provides a death benefit for the length, or term, of the policy. Because of this, term rates are lower than they are for other kinds of coverage, so our clients may be able to afford a larger benefit. Some insurers also offer to bundle other types of protection, like disability or critical illness, in with term policies as additional options.
- Permanent life: Universal and whole life stay in force as long as the premiums have been paid, and they may also grow a cash value. Because these policies don’t expire after a term and may also help fund a cash account, they will cost more than term for the same size of death benefit and same applicant.
For many individuals and families, term life provides good coverage at surprisingly affordable rates. However, permanent policies might offer a better solution for some folks who want to also use their coverage to grow an asset or as part of their long-term financial planning strategy. Besides just providing a death benefit, some policies may actually help policy owners fund an asset, protect a business, plan for retirement, or transfer an estate. In many cases, tax advantages also make it an attractive and sensible solution.
How to Purchase Coverage for Yourself, Your Family, or Your Business
Before buying, it’s best to determine what you hope to gain from your purchase, how large of a death benefit you need, and what sort of policy might meet your needs the best. After that, insurance consumers should always take the time to compare insurance quotes from a variety of quality insurers. For the same benefits and same individual, premiums can vary wildly between quality, local life insurance companies.
Why Let Insurance Center of North Jersey Help You Buy Life Insurance?
The entire process of buying the best insurance can become very simple if you work with an experienced agent here at Insurance Center of North Jersey. We can help you determine your needs, select exactly the right kind and amount of coverage, and then shop the market to offer you competitive quotes from top New Jersey life insurance companies.