Individual Life Insurance Options from Tri-State Insurance Agency

No financial plan is truly complete without the presence of life insurance, especially if one has a spouse and children. With so many different types of life insurance to choose from, it can be confusing to know which coverage is best for your situation. The professionals at Tri-State Insurance Agency are here to help you navigate among the many products available and select the policy that’s just right for you. With two offices in northern New Jersey to serve our clients and their families in Pennsylvania, the Garden State and New York, we are ready to sit down with you and review your assets and lifestyle, help define your goals, and establish a plan to help you reach them.

Term Life offers simple, basic protection.

One of the most basic policies is Term life insurance, which is often the choice of families on a budget when their modest financial plan is just getting underway. As the most affordable life insurance option, Term life lets you select the length of the policy period, typically as few as five years or up to age 65. The policy is often used for the most basic of reasons—to provide income for dependents in the event of the early death of the primary breadwinner in the family. In that eventuality, the policy benefits can be used to pay off the mortgage on the family home, fund the children’s college, or other major expense. Alternatively, the benefits can be placed in a trust for beneficiaries, helping to ensure the funds are available for use over a long period of time.

Some Term life policies allow for the coverage amount to be increased periodically during the life of the policy. In contrast, others have a built-in decline in benefits over the years as the insured grows older. The cost of the policy is affected by either option, so we’ll be happy to provide you with a cost comparison to weigh the pros and cons of each.

Whole Life policy can increase your assets.

Whole life insurance, also known as permanent life insurance, can build cash value and thus has an investment aspect to it as well as an insurance feature. The policy usually lasts for a longer period than Term life coverage. There are a variety of Whole life policies with different features and benefits. While some pay a predetermined level of payout upon the death of the insured, others are flexible in that policy premiums can be invested in a variety of underlying financial vehicles, with the potential for higher returns dependent upon the level of risk associated with the selected investment.

Whole life products, their options, and the risks involved in the underlying investments can be complicated, and it’s best to review them with the guidance of one of our professional agents at your side. We’ll be happy to explain in detail how Whole life works and whether one of these policies is a good choice for your financial situation.

Throughout Pennsylvania, northern New Jersey, New York and surrounding environs, let Tri-State Insurance Agency serve as the go-to professional for your comprehensive personal insurance needs. For a free consultation and quote, we invite you to call us toll-free at 888.990.0526, email us or complete the form on this page.