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Life Insurance is a contract between the policy owner and the insurance company where the insurance company agrees to pay upon the death of the policy owner. The money is paid to a beneficiary that is designated in the policy. The purpose of life insurance is to help the beneficiaries maintain their standard of living after the death of the insured.

There are two types of life insurance: term life or cash value life. Some policies are essentially both. Term life pays a sum to the beneficiary when the insured dies during the coverage period. Term policies do not accumulate value during the life of the policy. Cash value life provides a variety of features and benefits in addition to the death benefit of a term policy. Cash value life insurance policies have a savings element built into the policy that accumulates over the life of the policy. The insured usually has the option to withdraw, invest or borrow money against the value of the cash value life policy. Term policies are usually less expensive than cash value life policies.

Determining the amount of coverage you need can be difficult. It really depends on your financial position, the number of beneficiaries that need to be supported and the number of years they will need financial support. Many experts recommend six to eight times the your annual gross salary, but this may or may not be the right amount for your family depending on your circumstances. For example, if much of your annual gross income comes from unearned income or investments then your coverage requirements might be lower. Unearned income is an individual's income derived from sources other than employment. It includes income from interest and dividends on investments and income from rental property. Normally your beneficiaries would continue to receive unearned or passive income if you were disabled or deceased. However, if there is any debt associated with the investments that are supplying the unearned income portion of cash flow, those debts should be factored into the equation of need. The key to determining the right amount of coverage is the existence of dependents and the degree of that dependency.

Choosing the right life insurance company and coverage is vital to ensuring your family's protection in the event of an unfortunate death. Understanding the various types of life insurance and the terminology can be confusing. To ease the process and help you make the best decision for your family, we can connect you with top agents who will answer your questions and compete for your business. Our customers come from Newark, Jersey City, Paterson, Elizabeth, Edison, Atlantic City, NJ and other great cities in the The Garden State to help your find cheap life insurance. Our New Jersey insurance agent network can help you compare rates from the comfort of your home.