New Jersey Life Insurance

Perhaps the most generous insurance coverage a person can have is life insurance. It provides you with peace of mind while protecting someone else - a spouse, children, a business partner - if something happens to you.

New Jersey Life Insurance Policies

There are different types of life insurance and other quality of life policies in New Jersey:

Term life insurance - This is used to cover you for a fixed period of time. If you die while the policy is active, a fixed, predetermined sum of money is paid to your beneficiaries. If you die after the term of the policy is over, nothing is paid. Term policies are generally the cheapest of all life insurance policies, and can be used to protect a mortgage, to provide funds to put children through college, or just to provide an estate.

Universal (or whole) life insurance - This is a permanent policy that is used for estate planning and other more strategic forms of protection such as providing income to business partners in the event of each other's demise. Universal life policies have an equity component which increases over time, similar to the way in which home equity is accumulated with a mortgage.

Universal life insurance policies are normally paid until the age of 65, at which time they are regarded as being "paid up," or can be paid until a person dies. Generally, if someone is alive at the age of 95, the policy face amount is paid out and the insurance contract is over. Universal life policies can take on many forms which give guarantees on the interest and provide higher return on the equity that is accumulating in return for higher risk.

Disability insurance is a special form of coverage which generally pays for up to 5 years in the event you are injured or fall ill, and are unable to work. There are limits on the amount of money a disability policy can pay you based upon your documentable income so as to give the beneficiary incentive to return to work.

Long Term Care insurance is a specialized policy which provides funds to pay for basic personal services such as bathing and dressing.

Contact Esposito Insuance to discuss options for life insurance in New Jersey.