Need New Jersey Life Insurance Quotes?

Purchasing life insurance in New Jersey is an important matter and as such, it deserves significant thought and consideration. Several factors may affect your decision regarding the type and amount of life insurance that you choose to purchase. Regulations regarding life insurance vary from one state to the next. Be sure to consider the following facts, when considering the purchase of New Jersey life insurance.

Insolvency coverage is limited to $500,000 in life insurance death benefits but not more than $100,000 in net cash values in the event that your insurance provider is unable to fulfill your policy.

In terms of debt collection regarding assets, life insurance proceeds are exempt, if the policy contains a clause that prohibits the proceeds from being used to pay the beneficiary's creditors.

In New Jersey, transfers of property to a parent, grandparent, wife, husband, child (biological, adopted, mutually acknowledged, or stepchild), or child of any child or adopted child are exempt from New Jersey inheritance tax. Any children of a step-child (i.e., stepgrandchild or great-stepgrandchild), though, are treated as follows: This class of beneficiaries was eliminated effective July 1, 1963. The first $25,000 of transfers to a brother, sister, son-in-law (including widowers), and daughter-in-law (including widows) is exempt from New Jersey inheritance taxes.

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