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One question I am often asked by my clients and friends, is why do I need life insurance? The answer can be complicated, but it comes down to the following purposes of life insurance:

  • Pay off a home mortgage if you were to pass away
  • Fund a business transfer
  • Create an estate
  • Create a charitable gift
  • Provide income to beneficiary
  • Provide an equal inheritance.

Life insurance is a very unique product it can be used to solve many of life’s financial problems.  Many people see advertisements online for life insurance and simply purchase the cheapest term life insurance. It is a disservice to yourself and your family if you do not have a licensed life insurance professional evaluate your needs and accurately determine the correct type and amount of life insurance that you need. It’s important to figure out how much life insurance you need so you don’t buy too much (or too little).  Many New Jersey businesses offer supplemental life insurance as part of their benefits package.  Check with your New Jersey employee benefits administrator or your Human Resources Manager to find out how much life insurance your employer offers and how you can purchase.