New Jersey Life Insurance
Welcome to InsureMe's New Jersey life insurance information page. Buying life insurance is an essential part of protecting your family in the event of your death. Life insurance can guarantee your family's survival, assuring that an education is provided for your children, your spouse is able to pay off your home mortgage, and your family has a monthly income until other arrangements can be made.
InsureMe makes buying life insurance easy. We're an insurance quoting and information service providing New Jersey residents with competitive life insurance quotes from agents who are waiting to help you with your life insurance needs. Give us a little information about yourself, your family and your needs, and we'll get you up to five competitive New Jersey life insurance quotes.
Don't risk leaving your loved ones vulnerable—let InsureMe help you get the New Jersey life insurance policy you need now.
Important Facts about New Jersey Life Insurance
Before you run out and buy your New Jersey life insurance policy, do some research. Getting the best coverage at the best possible price should be your goal. Be sure to compare deductibles and other policy specifics, asking questions to clarify anything you do not understand. Many New Jersey insurance policies appear to offer identical coverages; however, in reading the fine print, you may find significant differences exist.
Life Insurance Types and Benefits
New Jersey life insurance can be purchased on an individual or a group basis. Most group plans are provided by employers, and are usually term life insurance that is renewed yearly. New Jersey residents who are unemployed, self-employed or not able to purchase life insurance through their employer should consider an individual life insurance plan.
Life insurance in New Jersey is obtainable in two types: term life and whole life (sometimes called permanent life). Term life is usually purchased for a specific time period, usually one, five, 10 or 20 years-or up to age 60 or 65. Benefits are paid only if you die while the policy is in effect. Term life is generally cheaper than whole life and usually more practical for those who need a large amount of coverage for a particular period of time. It ends when you stop paying premiums or at the end of the term specified. It may also be "convertible" to a whole life policy. Whole life, in contrast, provides lifetime coverage and accumulates cash value over time. It may pay you dividends, and premium rates remain stable as long as the policy is in effect.
New Jersey life insurance agents can explain these characteristics further and help you determine which type of life insurance is appropriate for your needs.
Ask Yourself These Questions
Determining the right amount of New Jersey life insurance to buy can be a difficult process. Some life insurance experts recommend purchasing five to eight times your income. However, asking yourself the following questions will help you settle on a more accurate amount:
- If I died, how would my dependents survive?
- How much of my family's income do I provide?
- Do any other family members such as parents, grandparents, brothers or sisters depend on me financially?
- Do I have children for whose education I would need to set aside money?
- How would my family pay my final expenses and remaining debts in case of my death?
- Are there family members or organizations to whom I would like to donate money when I die?
- Will any estate taxes be due upon my death?
- How will inflation affect my family's future needs?
Calculation of Your Premium
New Jersey life insurance premiums are calculated based on numerous factors, all of which point to claims risk assessment. Insurers especially scrutinize health conditions such as obesity and diabetes, as well as whether or not you smoke, have high cholesterol or other disorders leading to poor health and quicker death.
Once you provide this health and lifestyle information to a New Jersey life insurance company and undergo a physical exam, you are assigned a status based on age, gender and health; this status determines the amount you are required to pay for your New Jersey life insurance.
Younger people pay insurance premiums for a longer period of time but, because they are healthier on the whole, pay a lower rate for life insurance than an older person.
Helpful Tips
Finding the New Jersey life insurance coverage best suited to you and your family also entails doing some leg work. Follow these guidelines to ensure you get the coverage you need:
- Comparison shop
- Buy only what you need
- Stay healthy to maintain lower rates
- Buy sooner rather than later
- Review coverages periodically
- Look for no-load policies to avoid paying commissions
- Pay premiums in lump sums, rather than monthly payments, to avoid extra charges and higher premiums
- Supplement your employer-offered life insurance to ensure sufficient coverage
- Fill out applications completely and honestly to avoid coverage denial or prosecution
- Purchase life insurance in higher coverage amounts (over $250,000), if possible, to pay less per thousand dollars and get more for your money-more is sometimes cheaper
We hope this information proves helpful and answers some of the questions you may have about buying life insurance in New Jersey. Now, wouldn't you love to get the life insurance policy you need and save money at the same time? If you're ready to proceed, just fill out our "Get a free quote" box and we'll get you started right away.
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