New Jersey residents live near an Atlantic Ocean playground. This includes the famous gaming and resort area known as Atlantic City. In this city, you have your choice of numerous resort casinos such as the Revel Hotel and Caesar's, or you can enjoy some tasty ocean delight at McCormick & Schmick’s Seafood Restaurant. In Lambertville, known as "The Antique Capital of New Jersey," residents can browse at the Golden Nugget Antiques Market or the People’s Store. In scenic Bridgewater where the famous flag of Betsey Ross first flew at the Middlebrook Winter Encampment, you can also enjoy outdoor pastimes at Duck Island Park.
In a state like New Jersey, there are many adventures to be had. However, one of the greatest adventures any person can have is building a family. New Jersey life insurance provides financial protection for your loved ones if something tragic and unforeseen happens to you. There are many different kinds of policies available and choosing the right one for you and your family can be daunting. Find the right coverage by speaking with an independent insurance agent in our network. These independent agents can provide you with New Jersey life insurance quotes in a fraction of the time it would take to track them down yourself. Find an agent in your area today to get started.
Health Snapshot of New Jersey Adult Residents
- New Jersey ranks 38th in the U.S. with 61.5% of the population considered obese
- Percentage of adult smokers in this state are 16.8%
- Average life expectancy in this state is 79.66 years
Reasons to Buy Life Insurance
There are many important reasons why you should carry a New Jersey life insurance policy. The main reason is to provide your family with a financial umbrella if you die unexpectedly. With a life insurance policy, you can help ease the burden of final expenses, funeral costs, and estate planning with the proper life insurance in place. Life insurance can also help your family pay off a mortgage, send children to college, and pay off credit card debts. A life insurance policy can be used by families in the following ways:
- Replace lost income
- Pay for mortgage, rent, utilities
- Pay for outstanding debts such as personal loans, credit cards
- Cover business loans if you are self-employed
- Cover the cost of funeral and burial expenses
- Pay for college tuition
- Provide financial security if you incur a terminal illness or disability
- Leave a financial legacy for your children or grandchildren
Types of New Jersey Life Insurance Policies
Life insurance policies are offered in 2 types of formats, which include:
- Term insurance
- Permanent insurance
What Is the Difference Between Term and Permanent Insurance?
Term life insurance is the most basic form of life insurance and the more affordable of the two types of policies. Term insurance only covers death benefits. It is sold in periods of time such as 5, 15, or 25 years, but some policies cover you to a specific age such as 55 or 65. Premiums are generally locked-in for the period of the term on most, but not all, policies. You may be able to renew the policy or convert it to a permanent life insurance policy at certain points in time. You choose the amount of death benefits you think you need and the length of the term you want the insurance in force. There are 3 types of term policies to choose from:
- Level term: Both the death benefits and premiums (on most but not all policies) remain the same for the life of the term
- Decreasing term: The death benefits decrease at stated time intervals but the premium remains constant
- Increasing term: Both the death benefits and premium increase at specified time intervals
Permanent insurance lasts for your lifetime, although there are some policies that are age-specific. Permanent insurance is more expensive because it offers:
- Death benefits
- Cash value accumulation feature which is a type of savings and investment component
A part of the premium is used for the savings and investment aspect, which builds over the life of the policy. There are two basic types of permanent policies:
- Whole life: Many policies include a guaranteed minimum rate of return on the savings/investment portion
- Universal life: Similar to whole life, this type of policy offers more flexibility when it comes to both death benefits and premium payments
Permanent policies are offered in a variety of formats that vary considerably from insurer to insurer. Many permanent policies have an additional feature that permits you to borrow against the savings and investment portion of the policy.
How to Buy a Life Insurance Policy
Since New Jersey life insurance policies vary so much from insurer to insurer, it's a good idea to find a local independent agent in your area. Our agents can help you compare New Jersey life insurance quotes so you can find the most affordable policy that’s right for your family.
Contact an agent in your area to protect your family with a life insurance policy today.