Life insurance provides a sum of money to replace lost income after your death. In return, you make periodic payments, called premiums, to fund the policy. Life insurance can give you and your family peace of mind, knowing that your loved ones will be provided for, no matter what.
Life insurance benefits become available to your beneficiaries upon your death. The money can be used as they see fit, including:
- Replacing lost income
- Covering basic living expenses
- Paying household debts
- Estate taxes and funeral expenses
- Funding a child’s education/college
- Supplementing retirement savings
Types of Life Insurance
Term Life Insurance is insurance that covers you for a pre-specified number of years or terms. (Term length examples: 10, 20, 30 years.)
Permanent Life Insurance is more complex than a term life insurance policy.
Whole Life is the most common type of permanent life insurance, and it covers you until you die. It also provides a cash value account that can be used for any reason while you’re still alive and the dividends are tax-deferred.
Individual Insurance
Choosing the perfect life insurance plan depends on your financial needs and health status. Cosmo will assess all factors and guide you through every option until we find the ideal plan for you. No matter what the results of your medical examination are, we will find the insurer that will provide you with the best rating class and the lowest premiums.
Group Insurance
Purchasing group life insurance for your team is a great way to show the value you place on what is important – their families and loved ones.
Employers often choose group life insurance as part of employee benefits packages because it’s greatly appreciated and valued by employees, no matter what age and stage. Offering group life insurance greatly enhances your benefits package, which can help you attract and keep quality employees.
What you need to know about purchasing Life Insurance:
Choosing a Policy:
Choose a policy based on how many years you want your policy to last and the coverage amount that you want paid out.
Purchasing Life Insurance:
Shop quotes from multiple life insurance companies to find the most affordable option. Choose to pay your life insurance policy with monthly or annual premium payments. You are eligible for a 10 day look period. (You can cancel for up to 10 days after you enroll.)
Filing a Claim:
As long as your life insurance policy is active, your beneficiaries can file a claim after your death and the death benefit will be paid out to them.
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.
