Life Insurance
One of the most important insurance products you’ll ever purchase is life insurance. It’s the gift you leave your family that provides for them and protects them after you’re gone. Because life is the most precious gift there is, it makes sense to protect it with insurance coverage.
Life insurance is about peace of mind. It’s about knowing that you’ve done your part to protect the people you love most by providing financial security to your family. Donnelly & Sproul is honored to provide this important insurance product to our nearby Glen Rock, NJ community members and residents throughout New York, New Jersey, Connecticut, and Pennsylvania.
What Does Life Insurance Provide?
Benefits of a life policy, whether whole or term life, are paid upon death or according to the policy’s terms. In some instances, specialty policies will pay out if certain illnesses or health conditions occur.
Before purchasing your policy, understand the short and long-term needs of your family and speak to a to a Donnelly & Sproul insurance agent to choose the policy type that best meets your needs.
Types of Life Insurance Policies
We offer two main types of life coverage: Term Life and Whole Life. Depending on financial situations and needs, one type may be better suited than the other. Some people prefer some combination of the two in order to supplement whole life coverage during the years children are living at home and/or attending college.
Term Life
Term Life policies pay if death occurs during the term of the policy. Term policies generally have terms of one to thirty years. At the end of the term a new policy must be purchased in order for coverage to continue.
Among term policies there are two types. Level term policies offer the same benefits for the life of the policy while benefits decrease incrementally over the course of the policy. As an adult, an initial term life policy will be rather inexpensive when compared to the costs of a whole life policy. However, those costs will increase substantially with subsequent policies.
A wise strategy is to purchase term life to supplement a whole life policy and drop it when you no longer have children at home to provide for.
Whole Life
Whole Life policies are often considered permanent insurance. The premiums on a whole life policy are designed to remain steady for as long as you maintain the policy. It features cash value, death benefits, and guaranteed premiums.
- Whole life insurance is designed for individuals who desire:
- Payments that remain steady each year.
- Lifetime protection.
- Cash value for use while alive.
- Tax advantages when putting additional money into the policy.
Whole life can serve as equity for loans, have fixed payments that remain unchanged over time, and can be used as cash assets during retirement.
Why Choose Donnelly & Sproul?
Donnelly & Sproul has a proud history of serving the insurance needs of New York, New Jersey, Connecticut, and Pennsylvania. Representing top rated insurance carriers, we are multi-line independent insurance agency providing life, auto, home, renters, and business insurance. Located in Glen Rock, NJ, we have been in the business of meeting your insurance needs for the past 90 years — and we’re looking ahead to the next 90!
CALL US AT 201-493-9002 OR EMAIL US TODAY AND LET US HELP YOU FIND THE RIGHT LIFE INSURANCE POLICY TO MEET THE NEEDS OF YOUR FAMILY TODAY AND DOWN THE ROAD.
