During your search for New Jersey life insurance quotes you will find that you have several options to supplement your coverage. For example, you can include an accidental death benefit that can pay more than double the death benefit if your death is ruled an accident. You can purchase a renewable term life policy that guarantees you won't have to provide evidence of insurability to buy a new policy after your current contract ends. Supplementing your coverage will result in higher New Jersey life insurance quotes, but some of these benefits can be quite valuable.

Viatical Settlements
If you sell your New Jersey life insurance policy to a third party to obtain a payout you need to take precautions. This exchange, called a viatical settlement, is typically employed by people with life-threatening illnesses to acquire cash for medical and living expenses. Those who buy active life insurance policies take over payment of premiums and then collect the death benefits when the insured person dies. But there are some things The New Jersey Department of Banking and Insurance want viatical consumers to know:

  • Do not provide a salesperson or producer with personally identifying or financial information until you are certain that the solicitation is legitimate and that you wish to engage in the transaction.
  • The law prohibits selling your policy in a viatical transaction within two years of the time it was issued unless you provide documentation that you have become terminally or chronically ill.
  • Request documentation of every offer to purchase your policy and ask the producer to detail the commissions. A producer is entitled to commissions but the offer to purchase which pays the best commission may not be the best offer for you.
  • The producer is required by law to represent only you as the person selling your policy and owes you a fiduciary duty.

Again, once you sell your New Jersey life insurance policy the buyer will become the beneficiary to the death benefit. Any finances you hoped to leave to your loved ones will be revoked.

Tips for Top Savings
New Jersey life insurance quotes will vary depending on the type of coverage you purchase and your risk of death. The younger and healthier you are the more affordable your premiums will likely be. In order to ensure your getting the best, most affordable coverage shop around, do some investigating, and be sure the insurance company you're interested in is licensed to sell life insurance in New Jersey. To make your search easier, utilize a free service like LocalInsurance. Simply fill out a form online and you'll have several New Jersey life insurance quotes from licensed competitors in no time.

There are numerous resources regarding life insurance. Each state has a Department of Insurance that is able to help you educate yourself on life insurance. They may also be able to provide you with information regarding any specific laws regarding life insurance in New Jersey. There are also a number of other resources online that may assist you in learning more about life insurance so that you can choose the appropriate policy for you. These include: