“Where can I get life, health, disability insurance for the least amount of money?”
What is the cheapest plan I can buy?”
Before speaking to me, they have probably scoured the web getting quotes for cheap insurance in NJ and so they have an idea of what they should pay or want to pay for their coverage. The problem is: the coverage they were quoted is nearly worthless, or it will not provide the coverage needed.
The better questions to ask are : What is the best value for the coverage I am looking for? This is what I am trying to protect, what will the best value be?
Purchasing the best valued insurance, vs the least expensive, can mean the difference of getting your claim paid or not…..
So before you fall into the trap of buying the cheapest insurance available, ask your agent to do a full review of what they think you should purchase and what the best value will be.
Cheap Insurance in NJ – Pitfalls
- Term policy won’t be convertible
- Policy may only be convertible for the first 5 years instead of full 15, 20 or 30 years of coverage
- Coverage may only be convertible to a few select policies instead of the companies full portfolio
- Horrible guarantees on universal life or whole life policy
- Insurance carrier has sub-par rating
Convertibility may not mean much now but what happens if your health changes drastically and you still need coverage later?
- Insurance company can raise rates if they choose to
- Definition of disability is written as “any occ” instead of “own occ”
- Insurance carrier has a history of not paying claims appropriately
Having a quality disability policy, vs a cheap one may mean the difference of your claim being denied or collecting on a few thousand dollar per month benefit.
- Does the coverage have lifetime limits?
- Is the network of physicians limited?
- Does the plan follow the same state mandates as other coverage?
- Does the company have a history of not paying claims appropriately or are there many complaints online?
Some health insurance options might put limits on key services or may exclude services you may need. (EPO Plans)
If you think you have found a deal too good to be true, please contact me and I will help you fully evaluate your needs and the plans you are considering. If the plan you are considering, is much cheaper than other options, there may be a reason! Find out why and know before you buy!
Get your NJ Health Insurance Quote Today!