Welcome to the new Garden State Life Insurance resource center. Check back often as we will be adding helpful online resources to help you with your life insurance and personal finance needs.
Useful Links:
Life Insurance Glossary
Garden State Life FAQ
Garden State Life Insurance Blog
Insurance Information Institute
Life and Health Insurance Foundation for Education (LIFE)
Tips to Consider When Planning Your Life Insurance Purchase.
Many people think they have enough life insurance. According to the Insurance Information Institute the truth of the matter is, almost one-third of adults in the U.S. have none at all. Of the remaining people, many only have the life insurance their employers provide. Unfortunately, those workplace policies generally don’t provide enough protection for people who want to provide support for their dependents after they die.
Another mistake people often make is to forget to update a policy. The Insurance Information Institute recommends an annual review of your life insurance polices. If you’ve had a significant change in your life, such as a marriage of divorce, a child or grandchild being born or adopted, bought a new home, taking on the financial responsibility of an aging parent and so on, you may need to buy more life insurance.
Thinking short term instead of long term can leave your dependents under protected. Many people don’t think about the length of time their policy’s proceeds will have to support their loved ones after they die. For example, if your child is 5 years old, he or she should be out on their own in 20 years. The money from your life insurance will need to provide financial support for 20 years.
When trying to figure out how much life insurance is needed,
many people forget about the non-monetary benefits they receive at work, such as health insurance and retirement accounts. Your life insurance policy should pay your beneficiaries enough so they can afford health insurance premiums, set aside money for retirement and other often over-looked benefits.
