Life Insurance New Jersey NJ
Reader’s Question:
How will I know if a life insurance policy is right for me if the insurance agent in New Jersey recommends a term life policy?
Stephanie
Trenton, NJ
Any agent can recommend policies that he or she thinks will meet your needs. However, you need to closely examine the recommended policy to be sure it fits your needs. Try to understand very well the “policy illustration” which the agent provides. It gives you an understanding of how that policy will work for you. Your agent needs to give a point-by-point explanation.
As a legal document, a life insurance policy needs to be understood by you very well. To verify your term life policy in New Jersey, it is best that you ask the policy’s initial rate guarantee period. Verify if this policy is renewable after the initial guarantee without physical exam. Ask also regarding premiums. Check if this policy is convertible to permanent insurance without undergoing any physical exam and know the period of time for such conversion.
Lastly, you need to check the A.M. Best, Fitch, Moody’s and Weiss Ratings for this New Jersey insurance company that is offering you a term life policy.
I hope this gives you some insight.
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