What are the 3 Main Types of Life Insurance?

Whole Life/Permanent Life Insurance

Whole life insurance never expires so as long as the policyholder continues to pay the premium it will remain in effect. One benefit of whole life insurance is that it offers a guaranteed return on the cash value of the policy which allows the policyholder to borrow against the policy if needed. However, if you do not repay the loan or the amount borrowed than the death benefit is reduced by that amount. 

Term Life Insurance

Often considered the simplest type of life insurance, the only choice you have to make with this policy is what amount you want and how long you want the coverage to last. For instance, if you purchase a $1 million policy and select the term of coverage as 20 years, then your policy is effective from the date you sign till 20 years in the future which means that you could outlive your policy making it necessary to purchase additional coverage. 

Universal Life Insurance

Guaranteed universal life insurance is typically less expensive than whole life; however, it is unlikely to have any cash value, and failure to make timely payments can result in forfeiture of the policy. As long as payments are made on time, the policy does not expire and the death benefit is paid to the beneficiary. 

Selecting a life insurance policy may sound like a morbid idea, but providing financial stability to your loved one in the event of your death is imperative. With so many options for life insurance, it can be a bit confusing to know what policy is best for you. At The Insurance Outfit in Chester, NJ, our friendly and knowledgeable team of insurance professionals are happy to take as much time as needed to answer all your questions and find the perfect policy for you. 

What protection does commercial insurance offer my small business

Owning a small business comes with lots of worries. Commercial insurance is something you may wonder if you need for your business. To state it simply, bad things happen and when they happen they can destroy your business. Commercial insurance offers a variety of different coverage that can offer you a safety net. Not every type of commercial insurance is right for your business but with a knowledgeable insurance agent like The Insurance Outfit in Chester, NJ, a policy can be customized to your particular business needs. 

Commercial liability

Liability is one component of commercial business insurance and should be considered by every business. In the world today being sued is a real possibility and this insurance can protect you from financial loss due to bodily injury and resulting medical expenses, property damage, slander, or libel. It covers not only a judgment against you but legal expenses incurred. 

Workers Compensation 

In the state of New Jersey, workers must be covered by worker’s compensation insurance in almost every case. You can self insure or have your policy with an insurance carrier. This protects your workforce in the event that they are injured or killed on the job. 

Property insurance

Property insurance is a must if you have any property. That doesn’t mean that you own the property your business is located in, it is valuable even if you are a renter. It covers your business inventory, raw material, machinery, and office equipment. 

Home-based business insurance

If your small business is based out of your home this insurance will supplement your home insurance liability and property protection. 

Your small business is your livelihood and it is important that you protect it from all the bad things that can happen. At The Insurance Outfit in Chester, NJ, we understand commercial insurance and we can customize a policy that is perfect for your business. Stop by or give us a call for a no-obligation quote. 

How Often Should You Shop For New Auto Insurance?

Automobile insurance is a unique type of bill. It is one of the few bills which you incur that is required by law. Because auto insurance is required by law in most states, it is very important to shop around often to make sure you are always getting the best deal. At The Insurance Outfit, serving Chester, NJ, we don’t mind educating our clients on these important topics. Keep reading to learn how often you should shop around for the best deal on auto insurance. 


It is recommended that you begin comparing rates on auto insurance annually. Companies are always making new offers and promoting new deals. To stay on top of the best deals, you will need to check out what is available at least once a year. This is also a good idea because it gives you a chance to see how your insurance rates may change as you age and maintain a good driving record. 

After A Big Life Change

Life changes can greatly influence how much you pay for car insurance. Certain life events have a bigger impact than others. Getting married for instance can often earn you great auto insurance discounts. Buying a home is another big life change that can affect your auto insurance rates. 

As You Get Older

We don’t always love everything about getting older, but one silver lining to getting older is that car insurance rates go down to a certain point. Teen drivers experience the highest auto insurance rates, but those rates steadily go down as they age. By your mid-50s  you will see the best deals on car insurance. It is important to note that this is dependent on a good driving record as well. 

If you would like to learn more about auto insurance, please contact our friendly staff at The Insurance Outfit serving Chester, NJ. 

Which Policies Cover Jewelry?

It’s not entirely uncommon for residents of Chester, NJ, to own a few valuable items. Jewelry is something humans have appreciated for eons. Because of that, it can be devastating when something happens to your jewelry, and that’s exactly why you want to have it insured. The Insurance Outfit offers jewelry insurance, but before you buy it, you should probably know about which kinds of insurance actually cover precious items.

Homeowner’s Insurance

Typically speaking, a homeowner’s policy will afford some coverage to valuables in the home, and that can include jewelry. It’s important to understand that the exact nature and limits of this coverage will depend on the specifics of the plan. A typical jewelry coverage in such a plan will be around $1,500 for theft and less than $5,000 for damage. 

Renter’s Insurance

Renter’s insurance offers similar coverage to what you see in homeowner’s insurance policies. In this regard, the policies are designed with the same intent. The main difference with renter’s insurance is that the coverage limits will be based on the amount you choose to insure your property. If the policy is for $20,000 of coverage, it will typically have a lower maximum for jewelry than a policy for $100,000 of coverage.

Jewelry Insurance

As the name implies, jewelry insurance is a specific policy designed to protect your precious items. As always, the details of any plan will vary, but the gist is that jewelry insurance will more precisely match the value of your jewelry. Plans can be designed to repair or replace the jewelry, and the items can be insured for actual cash value or replacement cost. Which is best depends on your circumstances.

Overall, jewelry insurance is the best way to be sure your valuables are properly covered. If you want to review the options available in Chester, NJ, have a chat with The Insurance Outfit. One of our reps can help you browse policies and find something that gives you the protection you need.

What Does RV Insurance Cover in New Jersey?

What better way to get to know New Jersey than from the safety and comfort of your RV? For stress free travels, visit The Insurance Outfit for RV insurance before you hit the road. Here’s what you should know about RV insurance in the Garden State. 

Required Coverage

Like most states, New Jersey requires that drivers have RV liability insurance. Liability is the coverage that pays for others’ injuries and property damage in accidents that are your fault.  RV collisions can cause a lot of damage. Your coverage should be enough to protect your assets against serious accidents you may cause.

Optional Coverage

In addition to liability, you can purchase additional coverage to protect your RV against theft and damage. This protection comes in the form of collision, comprehensive, and uninsured motorist (UM) coverage.

Collision coverage protects you against crashes. Comprehensive covers vehicle theft and damage caused by non-collision causes such as vandalism or inclement weather. UM coverage protects you against hit and run accidents and uninsured drivers.

Specialized RV coverage in Chester, NJ

RV drivers often face different hazards than auto drivers, especially during long-distance travel. The following specialized RV coverage is designed to protect you against these hazards.  

  • Total Replacement Cost – covers the cost of replacing your RV if it’s a total loss after an accident
  • Vacation Liability Coverage – pays for accidental injuries to people visiting your RV or campsite during your travels
  • Emergency Expense Coverage – helps pay for your hotel bills and meals while your RV is being repaired after a breakdown or accident
  • Personal Effects Protection – covers personal effects in your RV during your travels

The best RV coverage in Chester, NJ is that which protects you, others, and your costly RV against hazards at home and on the road. Contact The Insurance Outfit today for the RV policy you need.

Will ATV Insurance Cover Damages Performed Doing Stunts?

In Chester, NJ, it is unlikely that your ATV insurance provider will want to cover the damages sustained while performing stunts. For obvious reasons. Stunts invite additional danger that you’re not going to have to face with the regular operation of an ATV. Yes, ATVs are often built to withstand some degree of jumping, power sliding, and trick-riding. But if your insurer finds out that you were doing sixteen-foot leaps or trying to skim your ATV across a lake, they’re probably not going to honor your claim.

You can buy stunt insurance as Hollywood stuntmen and daredevils carry, but you can’t expect your standard ATV policy to cover you here.

That said, your insurer may be a lot more understanding than you realize. If they’re offering ATV policies, they know that you’re treating this as a recreational vehicle, that you’re probably going to go driving around dirt tracks, and may even enter some races with your ATV. You can’t expect them to cover you when you launch off a ramp through a ring of fire, but if you keep them informed on how you’re using your ATV, you may find that they are surprisingly lenient if you catch a little air here and there while dirt-roading.

Most insurers, for instance, will cover you in the event that you enter a race and get into an accident, as long as they know that you’re racing beforehand.

This is your best rule of thumb: Even if you think your insurer won’t cover you, call them beforehand and find out. Worst case scenario, they’ll tell you not to do that if you want your policy to be valid. You call your home insurer before hosting a big party, so call your ATV insurer before entering a race.

If you’re still shopping around for insurance in Chester, NJ, get in touch with The Insurance Outfit. At The Insurance Outfit, we can connect you with the policy you need to ride with peace of mind.

What are the benefits of collectors insurance in New Jersey?

Owning collectibles is a very unique form of investment or hobby. When you are a collector of anything worth value, it is important that you take the appropriate measures to protect your assets. For those that are in the Chester, NJ area, one of the best ways to protect your assets is by getting a collectors insurance policy. This form of insurance can provide a collector with a range of benefits. 

Agreed Upon Replacement Value

One of the advantages of a collector insurance policy is that there is an agreed-upon replacement value. No matter what item you collect, there could be a significant collectors value to it, which could far exceed the replacement value of a similar product. To ensure that the value of your asset is properly protected, you should get a collector’s insurance policy. When you get this policy, you can negotiate the replacement value with the insurance provider ahead of time. 

Liability Coverage

Depending on the asset that you are collecting, there could be some liability associated with it. This could be liability that comes with collecting the asset or using it. No matter what the risk is, it is important that you get the proper liability insurance. The collector’s policy can be curtailed to meet your needs and mitigate this risk. 

There are clearly many advantages to getting collectors insurance in the Chester, NJ area. When you are interested in learning more about this unique form of insurance, you should contact the team at The Insurance Outfit. The insurance professionals at The Insurance Outfit can help you to better determine your risks and figure out how collectors insurance can be a mitigation strategy. This will help to provide you with the necessary coverage and give you peace of mind. 

What Does Wedding Insurance Cover?

Weddings have a habit of growing out of control very quickly. Even if you start out with the plan to just invite close friends and family, but if you’re going to invite uncle Jeff, you’re going to have to invite his new girlfriend, and if you’re inviting her, you’re going to have to invite her kids, and so on. The guest list just has a way of snowballing, and what started as a small-ish gathering is now a big affair, and you have no choice but to get covered with a wedding insurance policy.

Now, what’s covered on a wedding insurance plan?

  • Liability. This is the big one. If you’re inviting dozens of people to a location, you need to make sure that you’re covered should something happen to the people, or to the location. Liability coverage will protect you in the event of injury, illness, or property damages.
  • Cancellation and postponement. If a wedding has to be canceled or postponed due to an injury to the bride or groom, or to severe weather, or do anything else that your policy covers, insurance will help you to recoup any financial losses associated with that. This might not be essential to more modest gatherings but is critical to the big blowout weddings.

If you’re looking to hold a wedding in Chester, NJ, get in touch with The Insurance Outfit. The Insurance Outfit can guide you towards the protection that you need to make sure that your Chester, NJ either goes off without a hitch or that whatever hitches you have to deal with along the way are at least going to be covered by your wedding insurance provider.

Why You Need Motorcycle Insurance in Chester

The Chester, NJ area is a great place to work and live. The area is beautiful and often has great weather for much of the year. Along with this, Chester can be a good place to own a motorcycle. If you are going to own a motorcycle in this area of the state, it is very important that you get the proper insurance. There are several reasons why you will need to get a motorcycle insurance policy. 

Covers for Liability

One reason why you need to get a motorcycle insurance policy is that it will cover you for liability. While operating a motorcycle is generally safe, mistakes are going to happen from time to time. If you happen to cause an accident, your liability insurance will give you the coverage you need to pay for damages. This form of insurance coverage is also going to be required by law in the state of New Jersey. 

Protects Asset

With a motorcycle insurance policy, you can also receive coverage for your asset. Repairing or replacing a motorcycle after an accident or theft can be expensive. When you get motorcycle insurance that includes collision and comprehensive coverage, you will know that you have the ability to cover these costs. Additionally, anyone with a loan against their vehicle will be required by law to carry this type of insurance. 

When you are looking for a new motorcycle insurance policy in Chester, NJ, working with an insurance team that you can rely on is very important. Due to the complexities with this form of insurance, reaching out to The Insurance Outfit could prove to be very helpful. The insurance team here will help you assess all of your individual needs. The Insurance Outfit can then help you get into a policy that is right for your situation. 

Obtain Special Event Insurance for your Charity Event

Planning a Fundraising or Recognition Event

Planning a fundraising event such as a dinner, auction, or concert takes a lot of forethought, resources, and time, some of which are donated. No matter how much you plan, not every risk or scenario can be anticipated. Protect your investment by obtaining Special Event insurance from the independent agency Insurance Outfit in Chester NJ. Events being held in a hall or location owned by a third party have a certain amount of inherent risk. If the event is being held outside and/or alcohol is being served, the amount of risk associated with the event increases. Unforeseen circumstances with attendees, entertainers, venues, vendors, and weather may occur. Mishaps may happen with the tents, caterers, decorations, band, silent auction, and bar service.  These unfortunate situations may be insurable.

Insuring a Fundraising or Recognition Event

Non-profit board members, directors, employees, and volunteers all serve because they care about your cause. Don’t let your fundraising event end up costing your non-profit more than it raises. If you hold charity fundraising events or volunteer recognition celebrations in New Jersey let the insurance experts at The Insurance Outfit explain the details of Special Event insurance. Speak with one of our agents to discover what risks are covered and what risks are not. Let one of our representatives help find the best policy for you from a quality insurance carrier. Before you hold your next big event, contact The Insurance Outfit in Chester, NJ to discuss the best coverage option for your special event. Contact one of our experienced agents today. Call our Chester, NJ office at 908-955-7561, or visit our website at www.theinsuranceoutfit.com to connect with us online.