Life Insurance Premiums

Posted by B3X2lG9n0X3 on July 19, 2017

Factors that Affect Life Insurance Premiums

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

Posted by B3X2lG9n0X3 on May 23, 2017

New Jersey Insurance Plans – High or Low Deductible?

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

Posted by B3X2lG9n0X3 on March 8, 2016

Life Insurance Beneficiaries In NJ

Choosing 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.

Category: Life Insurance