NJ Term Life Insurance - NJ Whole Life Insurance -NJ Childs Life Insurance

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Term life insurance policies provide for life insurance coverage for a specified term of years for a specified premium.

The policy does not accumulate any cash value. Term Life Insurance is generally considered "pure" insurance, where the premium buys protection in the event of death and nothing else.

The three key factors to be considered in Life insurance are:
1. face amount (protection or death benefit),
2. premium to be paid (cost to the insured),
3. and length of coverage (term).

NJ Life Insurance Rate Quote search facility results are below. Financial Advisors advise that you should seek competitive quotes from at minimum 3 providers and up to 5 if possible. Below are companies that want to do business with you now.

Whole life insurance is life insurance that remains in force until the policy matures (pays out), unless the owner fails to pay the premium when due (the policy expires). The policy cannot be cancelled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years).
Permanent insurance usually builds a cash value that reduces the amount at risk to the insurance company and thus the insurance expense over time. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.

The basic types of permanent insurance are whole life and universal life.

Whole life insurance provides for a level premium, and a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, guaranteed cash values, fixed and known annual premiums, and mortality and expense charges will not reduce the cash value shown in the policy.

The primary disadvantages of whole life insurance are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives. Riders are available that can allow one to increase the death benefit by paying additional premium. The death benefit can also be increased through the use of policy dividends. Premiums are much higher than term insurance in the short-term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy.
Cash value can be accessed at any time through policy "loans". Since these loans decrease the death benefit if not paid back, payback is optional. Cash values are not paid to the beneficiary upon the death of the insured; the beneficiary receives the death benefit only. In many policies, however, the cash value has been automatically used to purchase additional death benefit, meaning that the beneficiary is likely to receive more than base death benefit plus cash value.

Universal life insurance (UL) is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return in a cash account. Premiums increase the cash account and interest is paid within the policy on the account at a rate specified by the company. This rate has a guaranteed minimum but is usually higher than that minimum rate. Mortality charges and administrative costs are charged against the cash value account. The surrender value of the policy is the amount remaining in the cash account less applicable surrender charges, if any.

Welcome to the NJ Life Insurance Rtae help site.

A consumer friendly web site assisting in the education and basic needs based life insurance planning for all consumers in New Jersey.

This information contained here will give you a basic concept of the most requested life insurance topics, however a personalized financial review is needed to properly asses all of your individual coverage needs.

NJ Life Insurance policies are typically presented as legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the Life Insurance contract to limit the liability of the insurer; for example claims relating to war, riot and civil commotion.

  • Choosing a life insurance product is an important decision, but it can be complicated. As with any major purchase, it is important that you understand your family's needs and the options open to you for NJ Life Insurance Rate Quotes
  • Life insurance is the foundation of a sound financial plan. It provides financial security for your family by protecting your financial resources, such as your present and future income, against the uncertainties of life.

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