New Jersey Life Insurance

Life Insurance can be confusing and sometimes hard to talk about.  The world of life insurance has its own dictionary and jargon that can be difficult to wrap your head around.  Many clients come to Cosmo with no knowledge of life insurance terms.  We have created a little blog about the key term life insurance terms you should know before purchasing a policy.

First things first, what is term life insurance?

TERM INSURANCE

A form of life insurance that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.

DEATH BENEFIT

The death benefit is the amount of money those you designate as beneficiaries will receive when you die. You select how much coverage (the death benefit) you want your policy to provide.

PREMIUM
The price of an insurance policy, typically charged annually or semiannually.

BENEFICIARY

Beneficiary is the word used for the entity or person that will receive the payout of your face amount if you died.

CONTIGENT BENEFICIARY

Contingent beneficiary is the second person or entity you name to receive your life insurance payout when you die if the primary beneficiary cannot.

RISK CLASS

Risk class is the health classification the insurance companies place you in for pricing purposes based on your height and weight, tobacco use, family health history, and your personal medical history.

RISK

The chance of loss or the person or entity that is insured.

RIDER

An attachment to an insurance policy that alters the policy’s coverage or terms.


UNDERWRITING

Examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge appropriate premiums for them.



Cosmo Insurance has a team of certified life insurance brokers that are knowledgeable on all policies and terms.  We are here to service New Jersey residents and guide them during the process of choosing a life insurance policy.  We take into consideration: age, gender, health, income, and other important factors.  We help you choose a policy that is perfect for you lifestyle and needs. 

Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.

 

GET A LIFE INSURANCE QUOTE NOW

CONTACT COSMO 

 

Posted 12:00 PM

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