Term Life Insurance • Permanent Life Insurance
Life insurance comes in several forms and serves many purposes.
Whatever your Life Insurance needs, the Meredith Family Agency has a product that will fit you and your family.
Life Insurance gives you the peace of mind that you will be protecting your family financially after you are gone. Final expenses have reached as much as $15,000 to $20,000 in New Jersey. This is partially why so many families have chosen to reduce the time spent at the viewing. Even if your family chooses cremation, the costs will surprise you.
Mortgage protection is the main reason homeowners choose life insurance. Having the proper amount of insurance will enable the surviving spouse to remain in the home in the event of a tragic death.
Other reasons for having life insurance include the birth of a child, changing jobs, acquiring assets, planning for your child’s education, getting married or starting a new business.
There are two main types of life insurance: Term and Permanent.
Term Life Insurance
Term insurance is temporary. Think of it like you are renting a policy. When you purchase your policy, you choose the length of time you would like to be insured. When the time is up, the policy ends. With all term policies, the premium never goes up.
With our TrueFit policy, you can select anywhere from 10 years to 30 years. You can also choose a death benefit that works for you and your family. Another perk to this policy is the ability to layer the death benefit. You can start high and reduce the death benefit over time as your need for insurance wanes. Finally, this policy can be converted into a permanent product if you qualify.
We also offer a basic 15-year term policy that comes in three death benefit amounts: $50,000, $100,000 and $150,000. If you are between the ages of 18 and 44 you may qualify for this simplified underwriting policy. It usually issues within three days of application and no physical examination is necessary.
Permanent Life Insurance
Permanent life insurance is a life policy you keep your whole life if you make the premium payments. It tends to be more expensive because it is a longer contract and you accumulate cash value over time. You can then borrow against the cash value when you need the money. All permanent products are fully underwritten, so a physical is necessary.
We offer these permanent life products:
Whole Life – Has a fixed premium and death benefit, and there is a guaranteed rate of return on the cash value you accumulate.
Universal Life – Adjustable premium and death benefit with the potential to earn more cash value.
Indexed Universal Life – Comes with the additional potential for your cash value to earn interest.
Variable Universal Life – These policies have all the same benefits of Universal Life but you can choose how you want to invest your accumulated cash value. However, there is the added risk of losses in the cash value and death benefit.