Newark Life Insurance
Find the right life insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Newark, NJ, a large and diverse city of almost 300,000 residents, lies in the center of Essex County. Each year, approximately 200 of the Brick City’s residents have their lives cut short due to crime, accidents, and illnesses. While chances are good that you will live a long and healthy life, there are no guarantees. The best way to provide for your loved ones in the event of your early demise is through a Newark, NJ life insurance policy.
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Why Purchase Life Insurance?
Nobody likes to think about dying. However, if you have a family or dependents who rely on you and your income, you need to consider how they would fare financially if you were gone. Life insurance will provide a level of financial stability for those you leave behind so that they can carry on without undue financial hardship.
Statistics for Deaths in Essex County, NJ
- Essex County’s homicide rate is nearly 4 times greater than the state’s average.
- Firearm-related deaths are nearly 3 times the state’s average.
- Essex County has the highest death rate for residents aged 15 to 24 in the state.
- Essex County has the highest death rate for residents aged 25 to 44 in the state.
The longer you put off purchasing a Newark life insurance policy, the more expensive it will be. Locking in rates while you are young and healthy can prove beneficial in the end. While it may seem unnecessary now, being prepared for the unexpected is always a good idea.
Health Factors Affect Longevity
Air quality can affect the health of the residents of certain areas. Harmful particulates in the air can lead to chronic illnesses that can shorten one’s lifespan. The air quality index measures harmful substances in the air. The higher the number, the more polluted the air is. The air quality index for Newark is 18.9 percent higher than the New Jersey average and 16.2 percent higher than the national average.
Air Pollution Statistics for Essex County
- Essex County has some of the most polluted air in the state.
- Overall air quality rated 22 out of 100.
- Carbon monoxide levels are 2 ppm, which is the same as the national average.
- Nitrogen dioxide levels are at 0.02 ppm, which is double the national average.
- Ozone levels are at 0.06 ppm, which is slightly less than the national average.
Essex County has some of the highest levels of nitrogen dioxide in the country. While the levels found in the county’s air are far from fatal, long-term exposure to low levels of this gas can lead to decreased lung function and chronic respiratory problems. For those already suffering from respiratory health problems, this can aggravate the situation.
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Health Risks Faced by Essex County Residents
- Adult diabetes affects 9.4% of county residents as compared to 8.3% for the state.
- The adult obesity rate is 25.3% as compared to 22.3% for the state.
- Essex County has the highest rate of prostate cancer in the state.
The leading causes of death for Newark’s residents are heart disease, cancer, and lower respiratory disease. While most people will lead a long and healthy life, an unfortunate few will succumb to these chronic illnesses early in life. A Newark life insurance policy will provide you and your family with peace of mind if you should suddenly find yourself in poor health.
The Differences Between Different Life Insurance Types
There are three main types of life insurance policies available for purchase. Which is best for you depends on your unique life situation and your personal preference:
- Term life insurance: Term life is a policy that lasts for a given number of years. Terms usually range from 10 to 30 years. Once the term is up, the policy is no longer in effect. These policies are a good way to protect your family while your children are young. Your hope would be that by the time the policy expired, you would have paid for your house and your children would have established themselves as adults, therefore making death benefits less necessary. This is the least expensive type of policy.
- Whole life insurance: Whole life invests your premiums and builds up a cash value that you can cash in at any time. If you keep it in the account, your cash value will build to serve as a payout to your beneficiaries upon your death. These policies tend to be significantly more expensive than term life insurance, but they do not expire and allow you to continue to purchase more coverage at the same rate.
- Universal life insurance: Universal life is a flexible policy that combines the benefits of term and whole life insurance. Your premiums accrue a cash value, and you can take loans out against the policy. You can also elect to pay more than your scheduled premiums or even use your accumulated earnings to cover your premium costs if you are short on finances at any given time. These policies usually cost more than term insurance but less than whole insurance and do not expire.
How Can You Find the Best Newark Life Insurance Policy?
Without an agent to assist you and answer your questions, it can be very difficult to decide on the type of life insurance policy that is best for you. Often, however, agents that assist you are representing a single insurance company and may not have your best interests at heart. Our agents are independent, so they can work with a variety of insurance companies and therefore are insure they are working for you. Your local insurance agent will be happy to explain the various types of insurance in detail and can help you decide which type of policy is best for you.
Contact an agent in your neighborhood to get a variety of Newark life insurance quotes.