Life Insurance in NJ
Take care of those who matter most.
For those who want more coverage than their employer may be offering them, or don’t have life insurance through work at all, personal life insurance is worth exploring. A personal life insurance policy will cover you wherever you work or live so you’ll have coverage no matter what.
Term vs. Permanent Coverage
The two main types of individual life insurance are term and permanent life insurance. Both term and permanent coverage have been in hot debate with experts for years. It’s clear that both products have their place, so really, it all depends on you and what you need. We’ll help you determine the right policy based on your circumstances and lifestyle.
Term
Term life insurance has a focus on pure protection, which is an affordable way to purchase coverage for 10-30 years.
Permanent
Permanent life insurance is a lifetime plan which can be a whole or universal life plan.
Universal Life
Universal life insurance is a type of whole or permanent life insurance. Universal policies are more flexible and tailored to your needs than standard whole life insurance policies.
- Universal Life – a form of permanent life insurance that will give coverage for your whole life. This product comes with flexibility that you won’t find with a traditional whole life insurance policy.
- Universal Life and Variable Universal Life – different in that its variable is a form of cash value life insurance and offers both a death benefit and investment feature to those who are covered.
- Indexed Universal Life – a type of permanent life insurance plan that has a cash value accumulation based on market indexes.
The Difference In Personal vs. Employer Plans
Employer Plans
With an employer plan, you don’t tend to need many qualifications to get approved as there are many applicants. Once approved, an employer will pay part of your plan on your behalf, making premiums affordable.
If you’re healthy, this will mean that you’re essentially paying higher premiums for other individuals who may have bad health. If you quit or get fired, you may also lose your coverage, and this can be a bad situation to be in if you’re older or not in great health, as you’ll struggle to buy your own individual policy.
Personal Plans
Personal life insurance coverage is owned by you, so it doesn’t matter where you go – you will always have the policy. Your policy will be tailored to meet your needs, without any limits that may be imposed by a group policy.
An individual policy may cost the same or more than a group plan due to what your employer is contributing. Shopping around will definitely make a personal plan far more affordable for you, and provide exactly what you need. We can help you find the right plan for your unique situation.
Although employer plans can be a great benefit, it’s definitely worth looking into your own personal life insurance plan on the side, as you never know what’s around the corner.
Smart Move
Central Jersey Insurance Associates are here to help if you need advice on a personal life insurance policy. A personal life insurance policy is definitely a smart move, but you need to be sure you have the right coverage and aren’t paying too much.
