Searching for life insurance can be quite confusing. In fact, a simple online search of the phrase “whole life policy New Jersey” will lead to tons of results with information that can be difficult to make out. Here’s what you need to know to simplify your search.

Whole Life Insurance Coverage

Also known as permanent insurance, whole life insurance will pay the benefit regardless of when you die. Three types of whole life insurance are generally sold on the market; they include traditional whole life, permanent life, and universal life. Often, when you hear of whole life insurance it’s about traditional whole life coverage.

With traditional whole life, the premium and death benefit will generally stay the same throughout the life of the policy rather than having the premium increase and benefit decrease as you get older.

Term Life Insurance Coverage

Term life insurance is simple in the sense that the benefit is only paid out if you die while the policy is active. You can choose between decreasing term or level term life insurance. Level term, as the name implies, is where the benefit remains at the same level throughout the life of the policy. On the other hand, decreasing term is when the benefit amount decreases each year.

While the search term “whole life policy new jersey” is a good place to start, be sure to consider your family’s needs for now and the future before starting a new policy.