New Jersey lets you move a preneed funeral arrangement to a different funeral home at any time. That flexibility narrows the gap between a preneed plan and a final expense policy, but the two still work differently.
Life insurance in New Jersey is regulated by the Department of Banking and Insurance (DOBI). DOBI licenses agents and insurers and handles consumer complaints.
New Jersey gives you 10 days to review a new individual life policy and return it for a refund of premium. If the policy replaces existing coverage, the free-look period is 30 days.
In New Jersey, money paid for a preneed funeral must go into an interest-bearing trust account or buy a funeral insurance policy within 30 days, and you can transfer the arrangement to another funeral home at any time. The State Board of Mortuary Science, in the Division of Consumer Affairs, oversees these rules. A final expense policy pays cash to your beneficiary for any end-of-life cost.
Yes. New Jersey lets consumers transfer a preneed arrangement to any funeral home at any time.
30 days. Other new individual life policies carry a 10-day free-look period.