New Jersey Life Insurance

New Jersey Life Insurance

Life insurance protects your loved ones or business partners in the event of your death. The insurer pays a sum upon your death to help the people you leave behind carry on without your income. This insurance remains in effects when you have a contract with an insurer and pay your premiums regularly.

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What is Life Insurance? 

Basically, life insurance is the contract between you and insurer where the insurer agrees to pay a certain sum to a designated beneficiary upon your death.  Certain policies also payout in the event of critical or terminal illness.  As the policy holder, you pay timely premiums to keep life insurance in effect.  Some policies cover additional expenses upon your death, such as the cost of your funeral.  Other life insurance policies simply payout a particular lump sum when you die.

Why Do I Need Life Insurance? 

Consider whether your family or business could survive without your income and efforts.  The people you leave behind when you die could suffer greatly if you do not have a life insurance policy. It can cover the costs of a funeral, housing and even college expenses for your children.  Having this type of insurance also offers you and your loved ones peace of mind.  The two major categories of life insurance are term life insurance and whole life insurance.

What is Term Life Insurance? 

Term life insurance provides a certain benefit should a designated event occur.  In most instances, payment is made in a lump sum upon your death or terminal illness.  The insurance contract exists for a specified term, such as ten or twenty years.

What is Whole Life Insurance? 

Whole life insurance also pays out in the event of an event such as death or illness.  This type of life insurance is also used as a type of investment product since the payment of premiums facilitates the growth of capital.

Should I Invest in Term Life Insurance or Whole Life Insurance? 

Term life insurance does not have cash value and therefore typically costs less than whole insurance.  The proceeds of term insurance are not paid out until your death or illness.  Whole life insurance tends to be more expensive but you can cash out at certain times during the policy. Some view it as a type of savings account they can depend on during emergencies. However, cashing out lowers the sum paid upon your death.

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