A simple internet search of the phrase “life insurance NJ” will yield a number of options. Some provide coverage after you pass, while others may provide coverage while you’re still alive. Here are a few things you should know before signing up for a policy.
How Much Coverage
A number of factors will determine how much coverage you need. What is your household composition in terms of spouse and children? What bills, especially a mortgage, will need to be paid?
What Type Of Coverage
Perhaps the most popular and the most affordable coverage is Term Life Insurance. It allows you to choose the term length anywhere 5 years to the age of 65. You may even be able to increase your coverage amount at various times during your coverage.
Universal Life and Whole Life are two types of permanent life insurance. Whole life insurance, the more popular of the two, uses a structured method for accruing cash and is often used by beneficiaries to pay estate or capital gains taxes on their inheritance. You may be allowed to borrow against these earnings. Universal life insurance policies build their cash value based on an interest rate that must stay at or above a certain level regardless of the economic environment. It also provides your with flexibility in terms of the premiums and pricing structures.
Regardless of the choice you make, it is best to not wait until you reach retirement age to get covered. Go online and search “life insurance NJ” to start your research today.