What Is Life Insurance?
Life Insurance is protection against financial setbacks that your family could face if you should pass away unexpectedly. That is assuming that you are the breadwinner in the family and they would be left without income. There are two types of Life Insurance – Term Life Insurance and Whole Life Insurance. Term Life Insurance pays only death benefits, and only if you die within the term limits of the policy. The name “Term Life Insurance” means this type of policy is purchased for a specific period of time or “term”, such as 5, 10, 15, or 30 years. Whole Life Insurance covers you for the rest of your life. This type of policy provides a payoff at time of death, as well as other benefits which have been built during the life of the policy. Bogle Agency Insurance agents will guide you through the Life Insurance options that are available.
What Are Some NJ Life Insurance Options?
The most basic Life Insurance policy provides a death benefit to your beneficiaries to cover funeral expenses and the loss of your income. There are other options and they can include the following.
- Cost of Living: Life Insurance can cover your family’s expenses such as mortgage payments, college expenses, and even outstanding debts.
- Trusts or Charities: Life Insurance can be set up to pass on to your heirs or to a favorite charity.
- Retirement and Estate Planning: A Life Insurance policy can be structured to pay for your cost of living during retirement or for estate planning. It can even cover the cost of remaining life insurance premiums.
- Business Continuation: Business owners can buy Life Insurance to protect their business if they should die. An agreement can be made whereby the insurance pays benefits to a surviving co-owner with the money to purchase the share of the business owned by you.
What’s the Difference Between Term Life Insurance and Whole Life Insurance?
Term Life Insurance only provides death benefits and pays only if you die within the term limits of the policy. This type of Life Insurance is the most affordable, but becomes more expensive as you grow older. Term Life Insurance can be converted to Whole Life Insurance.
Whole Life Insurance covers you for the rest of your life. It pays death benefits and usually has other benefits. In most cases you have to qualify with a health exam. This type of Life Insurance has higher premiums than Term Life at first, but if it remains in force for a long time it can become a money saver.
Term and Whole Life Insurance coverage can be combined to build value during your lifetime. It can supplement certain periods of your life when you have high expenses, such as when paying for a mortgage or when your children go to college.
Call Upon A NJ Insurance Expert
Choosing the Life Insurance option that fits your needs can be a difficult decision. Bogle Agency Insurance agents have the knowledge and experience to guide you through the options and help you make the best choice. We advocate for our Bergen and Morris County NJ clients and are focused on helping you make the proper decisions regarding insurance needs.
Our professional insurance agents offer coverage to Bergen County NJ residents including Business Insurance, Health Insurance, Professional Insurance, Auto Insurance, Bonds, Umbrella Insurance, Disability Insurance, Life Insurance, Home Owners Insurance, Property Insurance, High Value Asset Insurance, and more.
Call us for a consultation at (201) 939-1076.