Term Life Insurance In New Jersey // Free Quotes & Tips For 2019

May 29, 2019 (0) comment

life insurance new jersey
life insurance new jersey

The Best Life Insurance Companies In ​New Jersey

​In this post you will ​find out information specific to the state of ​New Jersey in regards to term life insurance and have a better understanding of why you need life insurance ​while living in ​New Jersey.

​We put together this post so that you can have quick access to your states department of insurance as well as their guaranty association.

​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

​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.

​Gender

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.

Tobacco Usage

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.

Coverage Amount

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 Length

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.

Current Health

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.

Driving Record ​

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. 

  1. 1
    ​Heart Disease - ​18,840 Deaths
  2. 2
    ​Cancer - ​16,264 Deaths
  3. 3
    ​Accidents - 4,482 Deaths
  4. 4
    ​Stroke - ​3,474 Deaths
  5. 5
    ​Chronic Lower Respiratory Diseases - ​3,227 Deaths
  6. 6
    ​Alzheimer’s Disease - ​2,829 Deaths
  7. 7
    ​Diabetes - 1,908 Deaths
  8. 8
    ​Septicemia - ​1,898 Deaths
  9. 9
    ​Kidney Disease - ​1,591 Deaths
  10. 10
    ​Flu/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 department of insurance

Website: ​New Jersey Department Of Insurance

Insurance Commissioner:  ​Marlene Caride

Consumer Insurance Helpline:  ​(609) 292– 7272

Office Hours:  Monday - Friday  8:00 am to ​4:00 pm

File a Consumer Insurance Complaint​: Complaint Page

Find a Licensed Life Insurance Agent: Agent License Search Page

​New Jersey L​&H Insurance Guaranty Association

new jersey 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:

Website: ​​New Jersey Life & Health Insurance Guaranty Association

Phone: ​(732) 345 – 5200

Address:
     ​   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.

  • ​​Life Insurance Death Benefit: $500,000 per insured life 
  • Life Insurance Cash Surrender: $100,000 per insured life 
  • Health Insurance Claims: No Limit
  • Annuity Cash Surrender: $​1000,000​ per contract owner
  • ​Annuity In Benefit: $500,000 per contract owner


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.

All posts by Mark Mathon

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