Life Insurance Agency

Serving Northern NJ

By preparing in advance, you'll have the peace of mind that comes from knowing you're protecting your financial future and those you care about. Whether you're a new family, empty nester, business owner, or single parent, we have a life insurance option to suit your needs and budget.

How Life Insurance Works

Types of Life Insurance

Who Needs Life Insurance

What Kind of Life Insurance Do I Need?

Call 973-635-9494 today to find out more information from our knowledgeable staff or request a free life insurance quote directly through our website.

Providing quality, affordable life insurance to the residents of Chatham, Madison, Summit, Livingston, Florham Park, Springfield, Short Hills, Morristown, Berkeley Heights, Millburn and all of Northern NJ.

How Life Insurance Works

Life insurance is protection against financial loss resulting from death. It gives your loved ones financial security after you're gone. You simply pay a premium and if the unexpected happens, your beneficiary gets a death benefit. And since Life insurance benefits are generally paid out tax-free, your loved ones can use the benefits to help take care of their living expenses in a variety of ways.

Funding needs after the time of death, such as final illness expenses, burial costs and estate taxes.
Replacing income the family would need to maintain their standard of living after the death of a wage earner. such as monthly bills and expenses, daycare costs, college tuition or retirement.
Providing funds for a readjustment period, to finance a move, or to provide time for family members to find a job.
Creating a family emergency fund or a fund for a family member with special needs.
Safeguarding Your Business- make it possible for your heirs to help pay estate taxes and help sustain the business during a change in management, or to help provide funds in order to execute a buy-sell agreement between partners or stockholders.

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Types of Life Insurance

Simply put, life insurance comes in two flavors: Term and Permanent.

Term Life Insurance

Term Life insurance provides the greatest amount of coverage for the lowest initial cost so it is a good choice if your needs are temporary or your funds are limited. Coverage is provided for a specific period of time such as 10, 20, or 30 years. You choose the amount of time and the amount your policy is worth. Then, your beneficiary receives a lump-sum payment from your policy if you die before that term is over. Term insurance is useful as coverage for responsibilities that will diminish or end over time, such as mortgages or children's college obligations.

Permanent Life Insurance

There are two big ways that permanent life insurance is different from term life insurance. First, the policy is meant to last the rest of your life (as long as you make the required premium payments, of course). Second, part of the money you pay into your permanent life insurance policy is set aside in an account where it can increase in value. Permanent Life insurance coverage is also useful when you anticipate a long-term cash need. The accumulated value can be borrowed against and, in some cases, withdrawn to help meet future goals.

To learn more about the different types of life insurance, call 973-635-9494 to talk to one of our financial specialists.

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Who Needs Life Insurance

Parents who want to make sure their children are cared for.
Those with debts they don't want to pass on to loved ones.
People who want to lock in a lower insurance rate while they're young.
Homeowners who want to make sure their family can pay off the mortgage if they should die.
Families who rely on a stay-at-home parent.
If you have a life insurance policy through your employer, because your policy does not go with you when you switch jobs.
Entrepreneurs who want to protect their business.
Those who want to leave a legacy for their children and grandchildren.

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What Kind of Life Insurance Do I Need?

Generally speaking, there are two categories of Life Insurance, term life insurance and permanent life insurance. Often, the solution is a combination of both, since most people have a need for both temporary (term insurance) and lifetime (permanent insurance) protection.

Permanent life insurance provides a death benefit for as long as you live while term life insurance provides a death benefit for a stated period of time. The longer the period of time that insurance protection is needed, the more consideration you should give to permanent life insurance. For short-term needs, term life insurance may be appropriate.

Examples of permanent needs are:

Financial needs of loved ones
Final expenses
Contributions to charities
Estate taxes
Business needs, such as supporting a buy/sell agreement or providing key person protection

Examples of temporary needs are:

Educational expenses
Home mortgage
Automobile loan

How to choose:

Together we can assess your life insurance needs to help you choose the coverage that is best for you.

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