Get New Jersey life insurance quotes, cost & coverage fast. You need NJ life insurance if you have people who would suffer financially if you were gone. It provides cash to your family after your death to pay the mortgage, food, car payments & other expenses of living.
The only two things that are certain are death and taxes. New Jersey life insurance is not a fun subject (neither are taxes). It’s not comfortable to talk about and it’s certainly not a process anyone is thrilled about. It is, however, a very important part of financial plan because it has a 100% of happening to you, me and anyone else on the planet.
Being a grown-up means you have to think about things like life insurance. No one wants to think about the fact that someday they will die, but it’s a fact of life so to speak. And you want to leave as little burden on your family as you possibly can in the event of your unexpected death.
Most adults know they need life insurance, but to many people wait until they are approaching retirement, or there is some life event, before they start seriously thinking about buying it. That is usually not the best time to start looking, as there are some major benefits to buying New Jersey life insurance sooner – especially if you are married, have children or a dependent child, or own a business.
Life insurance is a way of helping your family deal financially when you die. It’s intended to provide financial help to your loved ones when your salary or income is gone.
The money (death benefit) can be used to pay: your funeral expense, pay off debts, pay the mortgage, fund your children’s education, cover everyday expenses and more.
When you start thinking about purchasing a NJ life insurance policy, you should first look at your assets. Are you wealthy enough to help with the bills you leave behind? If you are, you might not need a large life insurance policy. The money you leave behind may be enough to cover funeral and burial expenses as well as other bills such as estate taxes. Do you have enough money to cover lost income should you become unable to work? If you don’t have enough to act as a supplemental income, you may want to purchase a larger life insurance policy.
There are two main types of NJ life insurance available, and some of them offer more ‘living benefits’, in addition to the payout upon the death of the insured.
Term Life Insurance – Term is a temporary type of life insurance that covers you for a set period (term) of one or more years – typically 10, 20 or 30. It pays a death benefit only if you die during that term. Term insurance generally provides the largest amount of death protection per premium dollar.
Below are some of the most common forms of permanent insurance:
Whole Life Insurance – Whole Life a permanent type of life insurance that protects you for as long as you live as long as you pay the premiums. With the most common type, called straight life or ordinary life insurance, you pay the same premium for as long as you live. Whole life is used to extend the coverage past a certain term, and can also build a cash value tax free over time.
Universal Life Insurance – Universal Life is a newer, permanent and flexible type of life insurance policy where the premiums you pay, less expense charges, are deposited into a policy account that earns interest tax free. Charges for the insurance are deducted from the account.
Variable Universal Life Insurance – Similar to universal life this type of permanent insurance is flexible where the premiums you pay, less expense charges, are deposited into a policy account that invests in mutual funds or other investments. This means that the funds have the opportunity to grow more than some of the other types of permanent insurance, and it also means there is risk for losses in value if the stock market declines. Charges for the insurance are deducted from the account.
Survivorship Life Insurance – Survivorship Life covers two people (like husband and wife), and pays a death benefit at either the first death (first to die) or after both have passed away (last to die). Survivorship costs less than two individual permanent policies, so it can offer a larger death benefit for your beneficiaries.
Final Expense Life Insurance – Final Expense also know as ‘burial insurance’ is purchased by seniors to pay for high cost of NJ funeral and other related expenses such as a headstone, burial, flowers, and memorial service, so their remaining family does not have to be burdened by the bills.
Life insurance typically will not pay the death benefit if the insured:
How much does NJ life insurance cost? The premiums vary depending on the company and their underwriting rules, and it depends on the type of policy an amount of coverage selected. Following are some of the main ‘personal risk factors’ that go into the price of a policy:
Request a New Jersey Life Insurance quote in Anaheim, Bakersfield, Chula Vista, Concord, Corona, Elk Grove, Escondido, Fontana, Fremont, Fresno, Fullerton, Garden Grove, Glendale, Hayward, Huntington Beach, Irvine, Lancaster, Long Beach, Los Angeles, Modesto, Moreno Valley, Oakland, Oceanside, Ontario, Orange, Oxnard, Palmdale, Pasadena, Pomona, Rancho Cucamonga, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Diego, San Francisco, San Jose, Santa Ana, Santa Clara, Santa Clarita, Santa Rosa, Simi Valley, Stockton, Sunnyvale, Thousand Oaks, Torrance, Vallejo, Victorville, Visalia and all other cities in NJ.
The NJ Dept. of Insurance is the regulatory agency behind the insurance rules for the state of New Jersey. If you want to understand these rules, then this is definitely the agency that you need to focus on. Let’s start with limits within the state.
As for regular insurance regulations there are a lot of things that New Jersey provides that you can look up. For example, there are deadlines for the insurer to pay the claim or deny it, deadlines for submitting paperwork to prove a loss for insurance reimbursement, specific information your insurance company is required to give you and regulations on what information you have to provide to your insurance company.
One of the New Jersey regulations calls for you to be treated by your insurance company in good faith. This means that your insurer must be considered of your needs and must communicate completely and honestly with you about your policy and everything that you need to know about it in order to make a good decision. In turn, you are legally obligated to be honest and cooperative with your insurance company when it comes to your claim.
You should also be aware that your insurance company is required to offer prompt, honest and complete communications. The company and all of its representatives must respond to your communications within 15 calendar days with a complete response based upon the facts that are known.
Finally, be aware that your insurance company is required to have a fair claims process. Unless it is specified in your policy, you do not have to use the forms that are provided to you by your insurance provider in order to make a claim. You can create a list of losses on your own if you need to. In addition, insurers are not able to ask for unreasonable proof of loss. If you provide photographic evidence or video of items that you lost, insurers are not able to ask you to provide additional information.
If you are looking for state specific New Jersey Life Insurance insurance quotes, costs and information:
