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. When you get a life insurance policy, you proactively protect your loved ones from incurring your debt. You can purchase a policy as early as 18 years old. However, some carriers and specific insurance plans have a minimum age and a maximum age on particular policies or benefit amounts.
A general rule is the younger you are, the cheaper the policy. You can purchase a Term Life Insurance policy covering you for a pre-specified number of years or terms, term length examples: 10, 20, 30 years with guaranteed renewal or with cash value that you make back when you surrender the policy or the term is over. Or you can get a Whole Life insurance policy; this is the most common type of permanent life insurance and remains effective as long as you are alive with level (never change) premiums. 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.
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If you have any questions, contact us at 732-363-3888 to speak to a licensed broker—Secure yourself for the unexpected with Cosmo Insurance.
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.