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April 11, 2011

New Jersey is a state located in Middle Atlantic and North-eastern region of the United Sates. It shares borders with New York in the northeast, Pennsylvania in the West, and Delaware in the Southwest. Its borders are surrounded by Atlantic Ocean in the South. With 77.5% life expectancy, New Jersey stands at 23rd position in the life expectancy chart. The New Jersey Government has many regulations and provisions in place to protect insurance consumers. Some of them are:

Free Look:

New Jersey Life insurance consumers have 10 day period to analyze their decision even after signing up for the life insurance policy. If the consumer changes mind during that period, the insurer has to refund the paid premium to the insured without any penalty.

Grace Period:

You need not panic, if you are late in your payment of insurance premium. The grace period is a provision made for the benefit of insurance consumer. The grace period available for making payment is 30 days. During the grace period, the insurer cannot cancel your coverage for non-payment. The insured continues to have coverage in the grace period even if the payment is not made to the insurer.

Tip to get life insurance at lower cost:

You can either approach an insurance agent for the life insurance coverage or apply for it online. Generally the insurance company has to pay a commission to the agent for the clients that he/she brings. The commission of the agent can be around 70% of the first year premium. For example, if your yearly premium is $600 and the agent will get 70% of commission. Then the insurer will have to pay around $600 X 70% = $420 to the agent. However if you apply online, there is no intermediary and insurer is able to offer you low premium.

While shopping for New Jersey Life insurance you should look at the different guarantees mentioned in the policy. The different guarantees that you should look for are cash value, death benefits, expenses, mortality changes. You need to also pay attention to the premiums and cost of insurance. There are two type of Life insurance offered in New Jersey, Term Life Insurance and Whole Life Insurance.

Insurance coverage in Whole Life Insurance is generally based on accumulated cash value of premiums. If in any event you are not able to pay premiums, you can ask your insurer to provide you lesser amount of protection for lifetime. Looking at the different benefits offered by New Jersey Life Insurance policies, it can be concluded that a life insurance policy can be a great tool to financially secure the life of your dependants.

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