Term insurance is an extremely popular type of life insurance due to its low costs. This allows many purchasers to own the right amount of coverage for their needs. However, term insurance is a temporary solution to a permanent need. When thinking about life insurance, you need to consider all your options.

The power of permanent insurance

Permanent life insurance offers an alternative to term insurance because it lasts an entire lifetime. As long as you pay the required premiums, your coverage continues. Permanent insurance also offers a savings component that term insurance does not. A cash value accumulates inside the policy and grows on a tax-deferred basis.

Cash value in action

The cash value of permanent insurance can be accessed through income tax-free loans, which typically do not have to be repaid. Imagine having a reserve fund that can be used for:

Major medical bills. Overcoming an illness can be difficult. The debt resulting from the illness can only make matters worse.

The downpayment or closing costs on a home. New home buyers often have to borrow from relatives or dig deep into savings to pay purchase expenses.

College tuition expenses. Most families could use another source of funds to help pay for college.

Major home or car repairs. Purchasing that new furnace or repairing a vehicle can drain savings or create long-term debt.

Supplemental retirement income. We are living longer and need to financially prepare for more years in retirement.

Term insurance can be a great solution, but one size does not fit all. You may want to consider permanent insurance. The cash value of permanent life insurance is a living benefit that offers a versatile and smart solution to many financial situations.

The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.

Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.

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.

Employers, find out about our selection of group life insurance plans, which can help you greatly to attract and retain quality employees. Additionally, these can be a particularly appealing option for individuals with health challenges, as most group life insurance plans do not require a medical examination. Whether you want a basic group life insurance plan or life insurance with long term care benefits, Cosmo Insurance Agency’s life and health insurance agents in New Jersey will be there to guide you.


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