What Type of Life Insurance Do You Need?

What Type of Life Insurance Do You Need? After a harsh recession, many families are still working to recover what they lost. From homes to jobs to savings, there are plenty of components that need rebuilding after the economy’s downfall. However, in the interest of your family’s long-term well-being, the right protections can benefit you and your loved ones both during your lifespan and after your passing. Depending on what your needs are, talk to your trusted insurance agent today about which NJ Life Insurance policy is right for you.

While life insurance is often regarded as a coverage for the wealthy, studies show that families without extensive savings and assets can benefit the most from securing the right life insurance policies. While this finding may seem counterintuitive at first, understanding the purpose of life insurance yields more clarity. Primarily, life insurance is intended to be a financial buffer in the event of your passing. Therefore, individuals who have accumulated plenty of wealth and have a substantial savings would likely need less insurance to financially secure their loved ones after their death. On the contrary, a family with a more modest income and savings would benefit greatly from a life insurance policy should their sole or primary provider pass.

Depending on your financial circumstances, resources, and needs, your life insurance requirements will vary. There are basic term life insurance policies- where you pay your premium for a designated amount of time- and then there are whole life insurance policies- which allow you to generate cash value and thus have an investment aspect to the policy as well as an insurance feature. While some pay a predetermined level of payout upon the death of the insured, others are flexible in that policy premiums can be invested in a variety of underlying financial vehicles, with the potential for higher returns dependent upon the level of risk associated with the selected investment.

While it may be difficult to talk about, securing the right life insurance policy can provide peace of mind for you and your loved ones while also simultaneously building value. At Tri-State Insurance Agency, we understand the personal and complex nature of these policies and seek to provide you with the best coverage and superior customer service. Talk to our experts today to see how we can service your insurance needs at (888) 990-0526.