3 Facts About Life Insurance

Life Insurance NJ

Ever wonder what will happen in the event of an unexpected accident or tragedy and you pass away, leaving behind a spouse and young children? Life insurance is way to provide financial protection for your loved ones if the unfortunate happens. Getting life insurance in NJ is a good decision for your present and future.

There Are Different Types

Life insurance policies can be flexible and cater to your needs. There are two basic types: term and permanent. Term life insurance is purchased to cover a designated time period; permanent life insurance covers your entire life. Term life insurance is ideal for covering house payments or educational costs, while permanent will give you protection throughout your life at the same payment each year.

Benefits Amounts Are Guaranteed

When you select life insurance in NJ, you choose a beneficiary who will then receive a cash payout at the time of your death. This payout will be at least the face value of your policy.

Choose According to Your Needs

You can select a policy that makes the most sense for you and your family. The larger policy you elect, the more your premiums will be. Factor in your debt and average cost of living when making your choice.

Life insurance is a wise investment for your family. It will give you peace of mind that your loved ones will be taken care of when you pass away.

 

What to Know About Universal Life Insurance

Oaklyn life insurance policy

When it comes to finding the right Oaklyn life insurance policy, the many different types can become overwhelming. Many people are turning to the more flexible universal life insurance policy over whole life insurance because of its benefits.

Adjustable Life Insurance

Universal life insurance is adjustable. You can reduce or increase your death benefits as needed. In addition, you can pay the amount you choose on your premiums and can even choose when you pay them, although there are some restrictions.

Increasing the Value

Increasing a universal policy’s value requires you to pass a medical exam to ensure your health. You can also decrease your coverage, but you may need to pay surrender charges that are equal to your policy’s cash value. When it comes to death benefits, you can choose a fixed amount or allow it to increase in an amount equal to your policy plus its cash value.

Paying Premiums

Your agent can help you choose a payment timetable that is right for you. When you do pay on your premium, part of the money goes into an investment account that will increase in value as the interest grows. Once you have enough cash value, you will be able to use it to pay your premiums. However, you should only do this if you have a financial crisis.

Whether you decide universal life insurance is for you, or you choose a different Oaklyn life insurance policy, always talk to a reputable agent. He or she should be licensed and experienced.