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.