New Jersey Life Insurance

Have you ever just taken a moment to think, “How would I provide for my family if I were out of the picture?”  The answer is New Jersey Life Insurance. Purchasing New Jersey Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

When searching for New Jersey Life Insurance you have the option of Term Life insurance or Permanent New Jersey Life insurance. You can find out more about which is right for you by accessing our Term vs. Permanent Life Insurance information page.

When shopping for New Jersey Life Insurance, you need to be aware that there are certain provisions that vary from state to state. Also, the New Jersey State Department of Insurance issues regulations for New Jersey Life Insurance policies pertaining to free-look time frames, illustration requirements, underwriting, and medical exam requirements.

Why Do I Need New Jersey Life Insurance?

You may wonder why you even need New Jersey Life Insurance? Take a look at these figures.

New Jersey is ranked 23rd out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 77.5 years.  That means that for every 100,000 people in New Jersey, almost 800 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to over 2,000, and at 75 to 84 almost 5,000 New Jersey residents die for every 100,000 in the state. More on mortality by age, sex and race, and the leading causes of death in New Jersey can be found at: http://www.cdc.gov/nchs/pressroom/data/NewJersey09.pdf

For more reasons why you should apply for New Jersey Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

New Jersey Life Insurance Specifics

The insurance industry in New Jersey is regulated by The State Insurance Code of New Jersey. The state uses this code to regulate claims and provide certain provisions to protect New Jersey Life Insurance consumers, such as:

Free Look: According to the State Code a “free look” provision must be included in every New Jersey Life Insurance plan. The free look allows you to change your mind even after you have signed the contract with the insurance company and received all policy documents. Most companies give at least a 10-day cancellation without penalty period. In some cases it may be as many as 30 days.

Grace Period: The New Jersey State insurance code requires that all New Jersey Life Insurance companies allow a 30-day grace period on late payments. If you miss a premium payment for any reason, you must be given 30 days to bring the account current before the insurer can cancel the policy for non-payment.

Death Benefit Processing: According to the State Code, New Jersey Life Insurance companies are required to process any death benefit claim as soon as possible. If all documentation is in order, this usually means within 2 months.

New Jersey Life Insurance companies are also protected to some degree by State Statutes. These regulations are put in place to prevent insurance fraud. Insurance fraud is a serious crime, and affects the rates everyone in the state pays for New Jersey Life Insurance. Insurance companies can challenge any information you put on a New Jersey Life Insurance application for up to 2 years.

If any discrepancies or misinformation is discovered, the life insurance policy may be terminated immediately. Allowances for misstatement of age are given, and may be corrected without penalty at any time while the New Jersey State Life Insurance policy is in effect.

New Jersey Life Insurance State Resources

New Jersey Department of Insurance -  The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the New Jersey Life Insurance industry.
http://www.state.nj.us/dobi/

New Jersey Life & Health Insurance Guaranty Fund - State guaranty associations are there to provide protection and continuing New Jersey Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.njlifega.org/

New Jersey Life Insurance Company Ratings – These companies provide ratings for New Jersey Life Insurance Companies based on financial strength and past performance.
http://www2.standardandpoors.com
http://www.moodys.com/cust/default_alt.asp
http://www.ambest.com/