If you're looking to get life insurance that will cover you for the duration of your life, then you'll probably want to look into whole life insurance instead of term life insurance. However, whole life insurance can be very expensive. Because of this, you may want to consider modified whole life insurance in New Jersey.
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The way that modified whole life insurance policies work is that over the course of the first five years, you'll pay a specified premium. The premium will then rise to a different amount that's also specified afterwards for the rest of the policy's duration. This is different than regular whole life insurance policies since these have a set premium for your entire life. Like regular whole life insurance policies, modified whole life insurance policies also provide coverage for your whole life and offer interest on the payments you've made, something that term life insurance policies do not offer.
You can also choose to borrow some of the money that has accumulated throughout your payments in certain situations. The cash that has accumulated is tax deferred for the beneficiaries of your policy. A modified whole life insurance policy will never be revoked or devalued unless you stop paying your premiums.
If you want life insurance that will last throughout your entire life but want something a bit more affordable than whole life insurance, consider modified life insurance. For more information on modified whole life insurance in New Jersey, be sure to contact us at CCW Insurance.
