Whether you own a home or business, it’s important to protect yourself and loved one with a life insurance policy. If you’re a resident or business owner in New Jersey or Livingston, SIA can find an insurance policy with term or whole options that offers financial security.
Why You Need A Life Insurance Policy
An unexpected death can cause financial ruin if you don’t have a safety net in place. That is why we work to find a life insurance policy that’s right for you and your family. If you’re thinking about adding more protection to for your business, we have a policy for that as well.
Could your family or business financially survive in the event of your death? If you’re wondering about that, it’s time to consider your term and whole life insurance policy options in Livingston and New Jersey. Our agents have plenty of experience in this industry and are happy to assist you.
Types of Life Insurance
Life insurance works the same way as many other insurance types. Once you choose a policy, you pay monthly premiums that keep the policy in effect. Upon your death, these premiums cover funeral expenses, keeps your business thriving, and offers peace of mind to friends and family.
Term Life
Term life policies last for a certain time period or term. This term is usually 10-20 years. The beneficiary receives specific benefits that are set up before the insured dies. You usually receive a specific sum of money if the insured unexpectedly dies.
Whole Life
If you go with this option, you can also choose a beneficiary to receive certain funds after your death. This option is different than term life because it builds increasing cash value to your policy.
Cost Differences
Since term life policies don’t have the extra cash benefits of whole life, you’ll typically pay lower premiums. Also, you cash out the policy until your death occurs.
The extra cash value you receive with a whole life policy acts like a saving account. You can draw from it before your death. The premiums are higher but you’ll receive other benefits.
Considering An Insurance Policy?
Choosing life insurance policy types is overwhelming. Let SIA help you choose the term or whole life insurance coverage in Livingston or New Jersey that fits your life or business needs. Call us today for a quote.
