When To Consider The Best Final Expense Insurance Plans

When you pass away, the last thing your family needs to be worried about is how they're going to finance your funeral and burial costs. Final expense insurance can provide them with peace of mind during a difficult time. Here are some conditions that may indicate you should consider the best final expense insurance plans in New Jersey.

Your family has grown:

When you’re older, your family may not depend as much on your income, and you may not have as much life insurance as when you were raising a family or paying off a mortgage. Upon your death, all your family needs is the cash to pay for immediate expenses like funeral and burial—which final expense life insurance can cover.

You’ve pre-existing health conditions:

Many insurance companies offer final expense life insurance—a type of policy that provides coverage for funeral and memorial costs—without requiring you to take a medical exam. Final expense life insurance is easy to qualify for and simple to comprehend, and your policy won't be terminated as long as you pay your premiums on time.

You’re looking for affordable coverage:

Final expense insurance is a type of life insurance that is more affordable than many other types of life insurance, and premiums don't increase over time. Unlike traditional life insurance policies, the face value (death benefit) of a final expense insurance can be comparatively small, but so are the resulting premiums.

Pros of Final Expense Insurance:

In a nutshell, final expense insurance can be beneficial for older people and other individuals who do not wish to undergo a physical exam. The policy with cash value offers additional benefits to everyone. Here are some of the pros of Final Expense Insurance plan:

Insurance plans are extensively available, even to applicants with health concerns

• No medical test is required

• Fixed policy premiums 

• Guaranteed death benefit 

• The policy will never expire as long as you keep paying the premiums.

• When you pass away, your beneficiaries receive a death benefit that can be used for any purpose and is not taxable.

Looking to buy the Best Final Expense Insurance plans in New Jersey? We are here to help you find the right final expense insurance plan. We want to make sure you get the best value for your money. For more information, feel free to reach us at (732)860-0410.

4 Solid Reasons Why Retirement Plans Are A Smart Investment

 

The best way to make sure that you are financially secure in your retirement is to set up the best retirement plan in New Jersey. Retirement plans help you prepare for your future, whether you're working or retired. Your plan will pay you a regular income when you retire, so you can enjoy the same financial independence in the post-retirement phase as well.

Listed below are a few solid reasons why retirement plans are a must-invest:

Inculcates a Savings Habit:

A retirement plan is a dedicated plan to accumulate a corpus that would take care of your finances once you stop working. Your retirement plan ensures that you pay the premiums on time to keep your retirement fund active. Making regular deposits into the fund will help you save money periodically so you can build a large enough fund to provide for yourself once you retire. The earlier you start saving, the more money you'll have when it's time for you to retire.

Gain from compounding:

Compounding is a terrific way to build wealth over the long term. It means earning on your previous earnings. The more time you give to your investments, the more powerful compounding can be for them. Retirement plans will let you invest some money up front in exchange for a larger retirement fund that grows bigger and larger with time. The longer you stay invested, the larger your retirement fund is likely to become.

Gives a Flexible & Scalable Investment Plan along with Insurance:

A retirement plan is a combination of an investment portfolio and an insurance policy. Insurance companies offer this type of plan to help you save for your future in case you can't work anymore. These plans allow you to contribute money regularly, so that your savings accumulate over time and become sizeable enough to provide for your financial needs when you retire.

Safeguard the interest of your loved ones:

When you plan for retirement, you must consider the needs of your family. If you are the sole bread earner in your family, a retirement plan can help you provide for them financially. With its insurance component, this type of plan can provide financial protection if something unfortunate happens to you. In the event of your death, the beneficiary receives a death benefit payment.

Now you get an insight into why you need the best retirement plans in New Jersey, its time to schedule an appointment with a reputable insurance advisor! 

3 Things You Should Avoid When Shopping For A Term Plan

 

Life insurance is a necessity in today's world, where unexpected tragedies can happen at any time. A term plan is one of the simplest and most cost-effective methods of life insurance, but it requires a bit of research to figure out which plan will best suit your needs. Here are some common mistakes people make when buying a term life insurance in New Jersey and how you can avoid them so that you get the right coverage at a competitive rate.

Inadequate term insurance cover:

When you buy term life insurance, the most important thing to think about is how much coverage you need for your family. Generally, the minimum amount of coverage that experts recommend is 8 to 10 times your annual income. If you want more money in case of your death, you can choose a higher amount of coverage, but anything below this limit would be too small to protect your loved ones for a long time. If you are not sure about how to pick an adequate cover, the experienced insurance advisors at Healthinsurance545 can help you figure out how much coverage is right for you.

Shorter policy term:

One of the biggest mistakes that people make when they are choosing term insurance is to opt for a policy with a short term. An insurance policy with a short term may be inexpensive, but it can lure you into making a poor decision. For example, if you take a $500,000 policy at age 25, it will cover you until age 45. Now when you buy another insurance policy at age 45, you will have to pay higher premiums. When you incorporate this to your other responsibilities & expenditures at that age, it can cost you a lot of money. Instead of picking policies with shorter terms, you should try to opt for longer ones. You should avoid getting lured by lower premiums that only offer coverage for ten or twenty years; instead, you should buy a policy that lasts until your retirement—or even longer if possible.

Not sharing right medical information:

If you don't tell your insurance company about a health condition at the time of buying a policy, and then die from that condition, your family may not be able to collect on the policy. This can be extremely upsetting for your loved ones and can put them into financial crisis.

At Healthinsurance545, we can help you find the right term life insurance in New Jersey. We'll determine your needs, explain what you need, and help you choose an amount that will keep your family protected for years to come. Call us at (732) 860 0410!