The Facts About New Jersey Life Insurance
Life insurance in the state of New Jersey is not a requirement, but many Mantua residents find that it is still a necessity for personal peace of mind. Even a young individual can benefit from a life insurance policy in Mickelton because it ensures that loved ones will not struggle financially if an accident or sudden death occurs.
Types of Coverage
When you are looking for a life insurance policy, you have two basic options available: term and whole life. Term life refers to a policy that provides coverage for a set period of time. You can select a specific time period, such as 10 to 15 years, and then have protection for that period. When the period expires, you need to renew the plan or find a new plan. The benefit of term coverage is that you will not pay a large fee.
Whole life does not have the same limitations on time, but it usually costs more for the same amount of protection. The key difference is that the policy will continue forward until a death occurs. Since it has fewer limitations and complications, it is usually a better option for older individuals or those who have a pre-existing condition.
Who Needs the Coverage?
Although the coverage is useful, it may or may not be necessary for your goals or needs. In most cases, the rule of thumb is that if you want to leave money behind for a loved one, charity or other group, then coverage is recommended. If you do not have dependents and you do not want to leave any funds behind for a charity, then it might not be a necessity.
When you are ready to review life insurance options in Mullica, talk to an independent agent through a professional agency like Keller Insurance Services. As your agent, we are available whenever you have questions, concerns or want to know more about your policy options. We can help you find the best rates available for your needs, so contact us to speak to an independent agent today.