Best Life Insurance Companies in Toms River

Frequently Asked Questions

• 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.