Most people don’t like to talk about their own mortality, but the truth is that we don’t know when we will leave this earth. As a result, life insurance for you and your family in Cary, Chapel Hill, Durham, Morrisville, Raleigh, Wake Forest, and the surrounding areas is important for you to have. Our team at Insurance Center of Durham can help get you the right life insurance policy that works for you. Life insurance has a number of variables, and the younger you are the cheaper the policies generally are. So don’t wait, call us today so we can get you covered with the right life insurance.
Types of Life Insurance Policies
Life insurance in general comes in two flavors: term and life. Term insurance is the least expensive option for life insurance policies and has time periods that they are effective for, typically maxing out at 30 years in length. These policies have a set payout amount that will be disbursed upon the proof of death of the insured subject. There are a few options with the kind of term life insurance policy, so be sure to ask your Insurance Center of Durham agent for details.
The other option is a whole life or permanent life insurance policy. These policies are essentially in force for the remainder of the insured’s life, and premiums will also continue for these policies throughout the life of the insured person. There are some variabilities within the permanent life insurance policies which makes it important to talk with one of our agents to ensure that you understand what the policy does for you.
How Much Life Insurance to Buy
When you are buying life insurance it is important to understand how much life insurance coverage you should be purchasing. If you die during the coverage period of your life insurance, what would be missing with your absence that should be replaced? Primarily for most people, it is the replacement of the deceased person’s income. How much would it take, once invested, to provide a replacement income of approximately the same value? You can speak with your Insurance Center of Durham agent on the specifics such as return on investment percentage as well as other income that might still be present.
Generally, the higher the amount of coverage you want, the more expensive it will be. One of the main contributing factors to your premiums will be your age. Those who are younger will have lower rates than those who are older. But no matter your age in Cary, Chapel Hill, Durham, Morrisville, Raleigh, Wake Forest, and the surrounding areas, it is important to have life insurance. Contact Insurance Center of Durham and have our team find you the right life insurance policy.