Our Full Range of Personal Insurance Packages
As an independent agent, we can tailor an auto insurance package to suit your specific needs and budget. Even if your driving record is less than perfect, we can still find the at most competitive rates available. We work very hard to assure you never have to pay one dollar more than you should drive your vehicle while maintaining strong auto coverage. Contact us today to learn more about the services from our independent insurance agency or to schedule an appointment.
Ensure your biggest asset is properly covered with homeowner's insurance from North Jersey Insurance Group. Your house is not only your largest asset. It is also a home for you and your family while holding precious memories and belongings. At North Jersey Insurance Group, we provide affordable homeowners insurance and strive to offer coverage that protects all that you hold dear. Contact us today to learn more about our independent insurance agency or to request a free quote from our agents.
At North Jersey Insurance Group, we offer both whole and universal life insurance to ensure your loved ones are taken care of in the event of your passing. Life insurance policies are tailored for your lifestyle and needs while our agents take great care to ensure you receive proper coverage.
Term life insurance or 'term assurance' provides life insurance coverage during a specified term of years for a specified premium. The policy does not accumulate cash value. The term is generally considered 'pure' insurance, wherein the premium buys protection in the event of death and nothing else.
Whole life insurance provides for a level premium with a cash value table included in the policy guaranteed by the company. The primary advantages of whole life are guaranteed death benefits, cash values, fixed and known annual premiums, as well as mortality and expense charges that will not reduce the cash value shown in the policy.
The primary disadvantages of whole life are premium inflexibility, and the internal rate of return in the policy may not be competitive with other savings alternatives. Riders are available which allows one to increase the death benefit by paying an additional premium. The death benefit can also be increased through the use of policy dividends. Dividends cannot be guaranteed and may be higher or lower than historical rates over time. Premiums are much higher than term insurance in the short-term, but cumulative premiums are roughly equal if policies are kept in force until average life expectancy.
The cash value can be accessed at any time through policy 'loans'. Since these loans decrease the death benefit if not paid back, payback is optional. Cash values are not paid to the beneficiary upon the death of the insured, instead, the beneficiary receives the death benefit only. If the dividend option: Paid-up additions are elected, dividend cash values will purchase additional death benefits which will increase the death benefit of the policy to the named beneficiary.
Universal life insurance is a relatively new insurance product intended to provide permanent insurance coverage with greater flexibility in premium payment and the potential for a higher internal rate of return. There are several types of universal life insurance policies which include 'interest sensitive' (also known as 'traditional fixed universal life insurance'), variable universal life insurance, and equity-indexed universal life insurance.
A universal life insurance policy includes a cash account and premiums increase it. Interest is paid within the policy (credited) on the account at a rate specified by the company. This rate may have a guaranteed minimum (for fixed ULs) or no minimum (for variable ULs). Mortality charges and administrative costs are then charged against (reduce) the cash account. The surrender value of the policy is the amount remaining in the cash account for less applicable surrender charges if any.