We all have a responsibility to protect those who depend on us with a sufficient amount of life insurance protection. Life Insurance is the cornerstone of your family's financial security. It can provide those who are left behind with a lifetime of financial security.

Life insurance is among the most useful, and most maligned, of all the things that you may ever buy. If properly fitted to your needs and offered at a competitive price, life insurance yields important advantages, including:

There are two basic types of life insurance available on the market today, Term Life Insurance and Permanent Insurance. Which one is for you? The one that's right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last.

Term policies can meet a wide variety of business and personal needs and are a practical way to provide the most coverage for your premium dollar. It is generally the least expensive and least complicated type of life insurance.

Term insurance provides protection for a limited period of time, such as 1, 10 or 20 years, and pays a death benefit paid to your beneficiary if you die during that term period. For this reason, it is commonly referred to as temporary insurance. If you are still living at the end of the term, protection ceases unless the policy is renewed. Although term policies do not accumulate cash value, many do offer a feature that allows you to convert to a permanent policy within a certain time-without having to submit evidence of good health.

Permanent life insurance is distinguished from term insurance in several ways. While term insurance provides protection only for a specific initial period of time, permanent insurance can provide protection for your entire lifetime, or in certain instances, up to a specific age. In addition, permanent life insurance policies can build cash value -- money that you can borrow against and, in some instances, withdraw to help meet future goals, such as paying for a child's college education.
Note: You will usually have to wait a period of time after the purchase of your policy for sufficient cash value to accumulate for you to borrow against. If the unpaid interest on your loan plus your outstanding loan balance exceeds the amount of your policy's cash value, your policy and all coverage will terminate.

Permanent life insurance policies enjoy favorable tax treatment. Cash value generally grows on a tax-deferred basis, meaning that you pay no taxes on any earnings in the policy so long as the policy remains in force. Cash value may be taken out of the policy income tax free, as long as you adhere to certain premium limits so your policy is not considered a Modified Endowment Contract (MEC). Policy loans generally are not considered taxable income, and withdrawals generally can be taken up to the amount of premiums paid without being taxed.

Making decisions about your financial future can be difficult, but speaking with one of our representatives can help. We can help you find out how much life insurance protection you really need for your loved ones. Please ensure you complete the quotation form below as accurately as possible. If you would rather speak to one of our representatives, please Call (973) 836-0310 or e-mail: life@horizoncoast.com to setup a confidential consultation.