Term Life Insurance In New Jersey // Free Quotes & Tips For 2019
Finding the right life insurance policy in your state can be a bit confusing, and understanding what protections you have can be complicated.
We put together this post so that you can have quick access to your states department of insurance as well as their guaranty association.
You will also find out information specific to the state of New Jersey and have a better understanding of why you need life insurance if you life in New Jersey.
In This Article
Comparing New Jersey Life Insurance Quotes
What's The Free Look Period
When you purchase your life insurance policy you still have what is known as the "free look" period in which you can return the policy.
If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.
The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.
How Life Insurance Rates Are Determined In New Jersey
Age is going to be one of the largest factors when determining your life insurance rates in New Jersey. The younger you are when you purchase coverage, the more affordable it is going to be.
Your gender is going to be the second largest factor when figuring out your life insurance rates. You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.
If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in New Jersey, and since smoking increases your rates considerably, if you smoke, it's probably time to quit.
The amount of coverage that you purchase will also change your rates. The higher the coverage amount you purchase, the more expensive the policy will become.
Term lenght is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.
Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different.
Life insurance companies want to know that you aren't a crazy driver. If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.
Top 10 Leading Causes Of Death In New Jersey
It is essential that you purchase New Jersey life insurance when you are young so that your rates are affordable.
- 1Heart Disease - 18,840 Deaths
- 2Cancer - 16,264 Deaths
- 3Accidents - 4,482 Deaths
- 4Stroke - 3,474 Deaths
- 5Chronic Lower Respiratory Diseases - 3,227 Deaths
- 6Alzheimer’s Disease - 2,829 Deaths
- 7Diabetes - 1,908 Deaths
- 8Septicemia - 1,898 Deaths
- 9Kidney Disease - 1,591 Deaths
- 10Flu/Pneumonia - 1,337 Deaths
A life insurance policy would cover all of the above deaths, including suicide after 2 years of having the policy.
New Jersey Department Of Insurance
New Jersey L&H Insurance Guaranty Association
The New Jersey Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:
Phone: (732) 345 – 5200
New Jersey Life & Health Insurance Guaranty Association
11 Wharf Avenue, Suite One
Red Bank, NJ 07701
New Jersey Guaranty Association Protection Limits
Each state has a specific limit that they can go up to in case your life insurance company fails.
IN THIS ARTICLE
Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.