What type of documents must a producer deliver to the policy owner when selling an individual life insurance policy in New Jersey?

When selling an individual life insurance policy in New Jersey, it is essential for the producer to provide the policy owner with both a policy summary and a buyer's guide. The policy summary offers key details about the specific terms, benefits, premiums, and any relevant exclusions of the insurance product. This document is crucial for the policy owner to understand what is being offered and how it functions.

Additionally, the buyer's guide serves as an educational resource that explains the essential aspects of life insurance in general. It helps consumers make informed decisions by outlining different types of life insurance, their features, and what to consider when purchasing this type of insurance.

By providing these two documents, producers ensure that policy owners are adequately informed about their purchase, complying with New Jersey regulations aimed at consumer protection in the insurance market. This practice emphasizes transparency and encourages individuals to make well-informed choices regarding their insurance needs.