When choosing a life insurance policy, there are many things to consider. Not only do you want the best Oaklyn NJ Life Insurance coverage, you want to make sure that you find the right plan for yourself. In order to do this, you must do a little research on the different types of life insurance plans that are available.
The main thing to consider is what type of coverage you need. Are you looking for temporary coverage or permanent coverage? How much coverage do you want? What is your budget for life insurance? This simple guide can help you decide what policy would best fit your needs.
Term Life Insurance- A form of temporary coverage, this affordable plan provides guaranteed death benefits. It also offers a tax-advantaged death benefit.
Universal Life Insurance- This permanent coverage also offers guaranteed and tax-advantaged death benefits. It provides lifetime coverage and has the potential to build cash value. It also allows you to access the money within your policy.
Indexed Universal Life Insurance- With all the features of a typical universal life insurance plan, this plan also offers index performance based growth potential.
Survivorship Universal Life insurance- This plan also has all the features of a typical universal plan with the added bonus of being able to cover two lives under the same policy.
Variable Universal Life Insurance- Another plan that contains all the benefits of a typical universal plan, this plan offers the potential for growth based on market performance as well.
It is important to keep in mind that life insurance needs change over time as you have a family, or get older and perhaps develop medical issues. Maybe you want to start with a term policy and convert to a permanent policy as life situations change. Perhaps you decide to buy a policy now and purchase a supplemental policy later, or you may even decide to purchase a policy that offers more coverage than you currently need with the intention of ‘growing into it’. All of these are viable options when deciding what type of life insurance policy to get.
Whatever plan you decide on, there is no value to having a good agent that can help answer any questions that you should have.
At Connell Insurance Agency, we know how important it is to make sure that you find the right policy for your needs. Call us today to learn more about our life insurance policies and how we can help you protect yourself and your loved ones. 888.590.0715