What Is Life Insurance?
Life Insurance is a means of protecting against the financial hardships one’s dependents may face if you should pass away. There are two main types of Life Insurance: Whole Life Insurance and Term Life Insurance. Whole Life Insurance is coverage for your whole life. Term Life Insurance only covers you for the period or term that is set at the time of purchase. Regarding Term Life Insurance, this type of life insurance offers coverage for the period during which your family is most reliant on you. Both types of Life Insurance cover funeral costs, but Whole Life Insurance may cover debts incurred by the deceased, or offset the loss of income after they die. Bogle Agency Insurance offers these two types of Life Insurance with top carriers. Our agents are experienced advisers to Bergen and Morris County NJ clients wondering if Life Insurance can be a good investment.
Is Life Insurance An Investment?
Life Insurance may be an investment because it provides financial security to your family or heirs in the event of your death. The need for Life Insurance varies depending upon the purchaser’s requirements.
A Whole Life Insurance policy can be considered an investment because you may be able to secure a loan with the policy as collateral. The loan would be against the monetary value of the policy and usually comes without penalty to purchase a home or pay for college.
A Term Life Insurance policy has a time limit and would not be considered an investment like a Whole Life policy. If something should happen to the purchaser after the term expires, there is no protection. The coverage is only good if needed during the term of the policy. Still it is a limited kind of an investment.
Should I Invest In Life Insurance?
The answer to this questions is up to you. A Bogle Agency Insurance agent can serve as your guide by evaluating your needs regarding Life Insurance. Most people agree that any additional resources after the death of a family member can help, even if they have been investing for the future in other ways. Give us a call to speak with a member of our team and learn about the New Jersey Life Insurance products we can offer and whether Life Insurance can be a good investment. We can be reached at (201) 939-1076.