Best Life Insurance Companies in Toms River, NJ

FAQs

• What happens to life insurance after a divorce in Toms River?

  In Toms River, life insurance is considered personal property and not marital property, so policyholders' ex-spouses have no right to obtain funds or death benefits. Policyholders can retain their children as their beneficiaries. They also have the right to change their beneficiaries or remove ex-spouses from their life insurance policy.

• What are the possible reasons why life insurance claims are denied in Toms River?

  Most life insurance claims in Toms River are denied because the insurance premiums were not paid. Policyholders should settle monthly premiums to ensure that their policies are still running. If they fail to make payments, they will not receive death benefits. Other reasons for claims denials are interpretation issues and retroactive cancellation of policies.

• What should you consider if you are a new parent and want to purchase life insurance in Toms River?

  If you are a new parent and want to purchase life insurance in Toms River, you should consider your job type, monthly budget, and income and equity. If you have employer-provided life insurance, you can take a cheaper personal life insurance policy to supplement it so that you have enough coverage.

• For senior citizens in Toms River, what factors should they consider when choosing a life insurance service provider?

  When seeking a life insurance service provider in Toms River, senior citizens must choose one that can work within their budget yet still provide enough coverage. Remember, most seniors have a fixed income, so they need to choose wisely. Another important consideration is the company's reputation. Companies that have been around for decades generally offer good rates.

• What are the benefits of universal life insurance in Toms River?

  In Toms River, individuals and families can enjoy flexible and tax-deferred premiums from universal life insurance. They can access income-tax-free accumulated cash value that can be used for any reason. These policyholders can also increase their insurance death benefits or retain a fixed amount, depending on their needs.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.