Life Insurance

Insuring our Local Communities in New Jersey and Pennsylvania.

Life insurance provides an important safety net if you have loved ones you want to protect when you die. Generation Insurance Services provides life insurance plans to communities in New Jersey and Pennsylvania, and we can also help you secure a life insurance policy that suits your needs. 

What Is Life Insurance?  

Life insurance is a contractual agreement with your insurer. In exchange for making agreed-on premium payments for your life insurance coverage, your insurer agrees to pay your beneficiaries money when you die. This payout, called a death benefit, can help provide financial security to your loved ones after your death.  

What Is the Purpose of Life Insurance? 

People purchase life insurance mainly because of the financial safeguard it provides their loved ones. If people have dependents or others who might need financial support, a life insurance policy can provide them with money, giving the policyholder peace of mind.  

How Does Life Insurance Work? 

Each insurer has a specific process they follow when selling life insurance policies to clients. Usually, you will meet with your agent to discuss your coverage options and what type of insurance policy might be right for you. Afterward, you’ll go through the underwriting process. At this point, a third-party administrator might give you a physical exam to assess your risk and health, which helps to determine your policy premium.

Then, your agent will reach back out to provide you with more information about the policy that they may be able to offer you and explain what the policy could cost you. If you opt to purchase the policy, you’ll pay a premium—usually monthly—until the end of the policy term (if a term life policy) or your death (if a whole life policy).

For more information about how a policy may work, contact Generation Insurance Services.

What Are the Types of Life Insurance? 

There are numerous types of life insurance. Determining which type of life insurance best meets your needs depends on your circumstances and financial goals. Many of the available life insurance policies fall into two categories of life insurance: term life and whole life. 

• Term life insurance is a type of life insurance policy that provides coverage for a specific length of time, called a term. It can provide money for your beneficiaries if you die during your policy’s term, which may be a period of 10, 20, 30 or more years, depending on your policy. If you don’t die during this period, your policy doesn’t pay, and you must reapply for a new policy to continue coverage. 
• Whole life insurance is a type of life insurance policy that, as the name suggests, provides coverage for the duration of your life. If you pay your premiums, coverage often lasts for the rest of your life once you’ve enrolled. Unlike term insurance, whole life insurance’s death benefit may be used as a cash value investment opportunity, which might be a revenue source while you’re alive.  

The best way to determine the amount and type of life insurance for your situation and how a policy could be used while you’re alive is to meet with an insurance agent who can help you with a suitable policy. 

Protect Your Loved Ones 

Generation Insurance Services in Rutherford, New Jersey, can help you with a suitable life insurance policy for your financial needs. Call 973-348-5886 to speak with an agent about starting your life insurance coverage.