IS LIFE INSURANCE IN NJ A WISE INVESTMENT?
Life Insurance can be a complicated subject. It is considered an investment when it provides protection for your beneficiaries upon your death. The need for life insurance and how much of it depends on your requirements. Bogle Agency Insurance can be an important resource to utilize when deciding whether to invest in Life Insurance. We can help answer the question – Is Life Insurance in NJ a wise investment?
Define Life Insurance
Life Insurance is protection against any financial hardship your dependents face if you die unexpectedly. There are two types of Life Insurance – Term Life Insurance and Whole Life Insurance. Term Life Insurance is for a set period of time, for example 20 years. This type of Life Insurance offers coverage for your family during the time when they are most reliant on you financially. Whole Life Insurance is good for your entire life. Life Insurance can cover debts owed by the deceased, like a mortgage, or it can be used to offset the loss of your income when you pass away.
Good Investment Or Not?
One benefit of a Whole Life Insurance policy is that often a loan may be secured by using the policy as collateral. This loan would be against the cash value of the policy if, for instance, you wanted to buy a house or pay for college. In some cases a Whole Life Insurance policy can provide funds before death if you are diagnosed with a life-threatening disease. A Whole Life Insurance policy is a good investment.
A Term Life Insurance policy has a set time limit and protects you as long as the term lasts. When the term expires there is no more coverage. Term Life Insurance is a short time investment, but during the term you are covered.
Professional Help Is Available
Bogle Agency Insurance knowledgeable agents can help you decide whether or not to buy Life Insurance. You may have been investing for the future and have a substantial sum of money to take care of your family. This may make buying Life Insurance seem unnecessary. Most families feel that any additional resources will be a help after the death of a family member who is the main financial provider. Whatever your situation is, if you are considering Life Insurance, call Bogle Agency Insurance in Lyndhurst NJ at (201) 939-1076 to speak with one of our agents. We offer our services to individuals and families in Bergen County and surrounding NJ counties.
