Life Insurance

Is Life Insurance A Wise Investment?  | Bogle Agency Insurance


Life insurance is often portrayed as either a line of insurance you absolutely need or one you can do without. But it is much more complex than that! Life insurance offers protection for your beneficiaries in life ending situations. The need for life insurance (or how much life insurance) greatly varies based on the individual’s needs. Bogle Agency Insurance is a great resource to have when deciding whether to invest in life insurance or not.

 

What Is Life Insurance?NJ life insurance

Simply put, life insurance is protection against the financial hardship your dependents may face should you die unexpectedly. There are two main types of life insurance: Term Life Insurance and Whole Life Insurance. Term would be for a set period of time, say 20 years. This is policy offers protection for your family during the years they are most reliant on you. Whole life, as its name suggests, is good for your entire life. Both Term Life Insurance & Whole Life Insurance cover much more than just funeral costs. Life insurance can cover debts owed by the deceased, such as a mortgage balance, or it can be used to offset the loss of income after a loved one passes away.

 

Is Life Insurance An Investment?

Life insurance can be considered an investment as it provides financial security to your dependents or heirs in the event of your death. In many cases, this provides money that may not exist otherwise and ensures your family’s bills can still be paid. The amount of coverage, however, is up to you.

A benefit of whole life insurance policies is that in many cases a loan may be taken out using a policy as collateral. This loan is against the cash value of your policy and comes without penalty to purchase a home or pay for school. Some of these policies can also provide money before death if you are diagnosed with a life-threatening disease or illness. A whole life policy is absolutely an investment.

A term life policy has a set time limit. It is available as protection and is not an investment in the same way that a whole life policy is. A term policy offers protection but once the term expires that is it, the policy is over and the money you have paid over the years is not available. On the other side, if something happens to you during the term, your loved ones have financial security. Term Life Insurance is an investment you hope you never have to use, but it is available if something happens to you.

Is Life Insurance A Good Investment FOR ME?

Your Lyndhurst NJ insurance agent can help you answer this question. In the end, the answer is up to you. Ask yourself how financially prepared you are for the future. If you have been investing for the future and have a substantial amount money put away for your family, you may choose to skip life insurance. However, most families agree that any additional resources help after the death of an immediate family member.

Contact our team at Bogle Agency Insurance today to learn more about the New Jersey life insurance products we provide. Our experienced agents look forward to evaluating your family’s needs to ensure that you have the coverage you require for peace of mind. Let our knowledge and experience serve as your guide to life insurance in Lyndhurst NJ.

Life Insurance Premiums

Factors that Affect Life Insurance Premiums


Factors that affect life insurance premiums
Bogle Agency Insurance, answering all of your questions about life insurance

Factors that affect life insurance premiums include health and habits. Some factors may only increase your premiums slightly, but others can create a big difference. Anything viewed as a risk to your health and lifespan will affect the cost of your insurance policy. If you are worried about your eligibility or the cost of an insurance policy take the time to sit down with your NJ insurance agent. Your agent will be able to explain the differences between policies and what risks you have that will affect your premiums.

Personal Habits that Can Affect Insurance Policies

Habits that will affect your insurance include smoking cigarettes, drinking heavily, and overall risky behavior. Your age is an important factor as well. Purchasing a policy in your twenties is certainly cheaper than purchasing one in your forties. Usually, health concerns include high cholesterol levels, excessive weight, and disease.

Policy Details that Can Affect Insurance Prices

Another factor that affects life insurance premiums is the length of the policy; typically, a 30 year term is going to cost you more than a 10 year term. The longer the policy the more likely death could occur within its term, therefore higher premiums. All of the factors that affect the cost associated with a life insurance policy will be discussed with your Bergen County insurance agent. Take the time to evaluate your needs in a policy and what your goals are while also determining the risk you pose as the insured.

Why call Bogle Agency Insurance?

Bogle Agency Insurance is the authority on personal and business insurance in Bergen County and throughout New Jersey.  Contact our team today to learn more about life insurance and what you might expect to pay with your health and habits in mind. Our Bergen County insurance agents are educated, knowledgeable, and available to answer all of your questions. Let our team at the Bogle Agency help you feel comfortable with your life insurance options. We can help you choose the right New Jersey life insurance plans for you and your family.

New Jersey Insurance Plans, High or Low Deductible

New Jersey Insurance Plans – High or Low Deductible?


New Jersey Insurance Plans
Bogle Agency Insurance, Bergen County New Jersey Insurance Plans experts

An examination of New Jersey insurance plans may have you wondering whether to go with a high or a low deductible. This is a good question to ask yourself and your insurance agent when purchasing a plan.Customers should always weigh out the pros and cons of a high deductible vs. a low deductible carefully before signing up for a Bergen County NJ insurance policy.

A major benefit of a high deductible is the lower premium. This is great for a person who has a rainy day fund available. For those living paycheck to paycheck, higher deductibles could be a huge setback. Although no one can force the use of insurance, the reality is that it exists for protection against the unforeseen.

Low deductibles are available to help keep money in your pocket during an unfortunate event. This can offer great peace of mind in the event something occurs. However, a low deductible means a higher monthly premium. Consider your insurance policy carefully and discuss your options with your NJ insurance agent. The decisions you make now could affect you down the road.

Contact Bergen County insurance experts today

Contact our team at Bogle Agency Insurance today to learn more about a variety of personal and business insurance policies available. Our Bergen County insurance agents are educated, knowledgeable and available to help answer all of your questions. Let our team help you feel comfortable with your insurance options. We can be your guide to choosing the right New Jersey insurance plans for you, your family, and your business.

How To Choose Life Insurance Beneficiaries

Life Insurance Beneficiaries In NJ

Life Insurance Beneficiaries In NJ | Bogle Agency Insurance Bergen County NJChoosing a life insurance beneficiary in NJ should be a simple process, with very little stress involved. While it generally is a straightforward process, there can be a number of potential financial, legal and tax problems that can result from improperly naming your beneficiaries. It’s important to avoid certain costly mistakes when naming life insurance beneficiaries in NJ.

Most of the time, life insurance beneficiaries are the spouses and children of the policyholder. However, it does not have to be that way. The person or people you choose as your life insurance beneficiaries in NJ is completely your choice. While who you choose as your beneficiary is a very important choice, how you name them is also an important choice.

The Difference Between Primary and Contingent Life Insurance Beneficiaries

There are two ways to go about legally naming a life insurance beneficiary in NJ.

  • Primary beneficiary: A primary life insurance beneficiary is the person(s) who will receive the proceeds of the policy when the life insurance policyholder dies.
  • Contingent beneficiary: Otherwise known as a secondary beneficiary, this person will not receive any life insurance proceeds unless the primary beneficiary is no longer alive. The secondary beneficiary would, for example receive proceeds if the policyholder and the primary beneficiary passed aways at the same time.

Most professionals will tell you, to avoid any issues in the future, naming both a primary and a contingent beneficiary at the same time is the best, and safest way to go.

The Difference Between Revocable and Irrevocable Life Insurance Beneficiaries

There are also two different classes of beneficiaries. They are revocable and irrevocable beneficiaries.

  • Revocable Beneficiaries: The policyholder has the right to change the beneficiary of the policy at any time without any consent from the previously named beneficiary.
  • Irrevocable Beneficiaries: The owner of the life insurance policy cannot change the designation of the beneficiary without the consent of the original beneficiary.

With all futures being unknown, most experts will tell you to avoid potential legal issues, you should choose revocable beneficiaries. It is a simpler options should you ever want to make changes for any reason in the future.

What If My Beneficiary Dies Before Me?

In the unfortunate event your beneficiary passes away, you will need to rename your beneficiary as soon as possible. It is actually as simple as requesting a “change of beneficiary” form from your insurance company. Should you and your beneficiary dies at the same time, the proceeds will go to your contingent beneficiary if in place, or simply to your estate.

There are a lot of personal decisions involved in choosing the right life insurance plan for yourself and your family. Naming a life insurance beneficiary in NJ is the most important. All of the plans you make are with the thought of your beneficiary in mind. Take the time to talk to an independent life insurance agent at Bogle Agency Insurance in Bergen County NJ and we will find the best plan that meets your needs.

Please also visit our NJ Life Insurance Options page for more information.