A lot of people are super uncomfortable with thinking about or planning for their deaths. Having a life insurance policy is the best way to handle expenses of a funeral and the financial needs of those you leave behind.
- Why Buy Life Insurance?
There are four major reasons to purchase life insurance:
- Illness/ Funeral Expenses. Medical bills and funeral expenses can add up quickly and usually cost thousands of dollars.Â
- Mortgage Protection. Life insurance policies can be used to pay off mortgages.
- College Funding. Life insurance policies can help to pay for your children’s education in the event of your death.
- Income Replacement. The death benefit paid to your spouse can help them maintain the lifestyle to which they are accustomed.
- Who Needs Life Insurance?
Life insurance is essential for everyone. You can choose whoever you want to entrust with your life insurance benefit to help pay for expenses and obligations after you are gone.
- When Should I Purchase Life Insurance?
You are never too young to get life insurance. You should purchase a life insurance policy as soon as you are able is the best time to do so.Â
- What Are the Various Types of Life Insurance Plans?
There are several different types of life insurance plans. It’s not a one size fits all so you should research which is the best one to fulfill your needs. Types of life insurance include:
- Whole Life Insurance
- Universal Life Insurance
- Limited-pay
- Endowments
- Accidental Death
- Can I Change My Insurance Policy Once I Purchase It?
You can change your insurance policy at any time. Insurance companies are aware that situations arise that may require you to change how you handle and plan things. As could the amount that you wish for your life insurance policy to be worth, beneficiaries can change.
- How Much Life Insurance Should I Purchase?
This depends on if you have any dependents or if you are single. The best thing to do is gather all of your financial information and what expenses may remain once you are gone.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
