Life Insurance in North Carolina
Why Have Life Insurance in North Carolina?
Life insurance can deliver many benefits and helps provide for the loss of income that can occur when a family member dies. This money can help provide for dependents, pay for funeral expenses, or create an inheritance.
Choosing the Right Policy in North Carolina
There are a few different life insurance policies to consider. An agent at Griffin Insurance Agency can help you decide the best fit. Term life insurance is a simple form of life insurance. It will provide coverage for a specific period, and the younger you are when you purchase, the less you pay. There are some optional features for term life policies. Guaranteed renewal privileges allow you to renew the policy without having to prove insurability or be in good health. Conversion privilege will help ensure the right to convert the term life policy into a permanent one without having to prove insurability.
There are three different types of term life insurance. Level insurance will have the same death benefit throughout the policy. An increasing policy will have the death benefit increase by a specific amount and premiums will usually increase with the benefit. A decreasing policy has a death benefit that decreases throughout the policy, but premiums typically remain the same. Permanent life insurance helps protect you for the entire lifetime. There are different features of permanent life insurance as well. Cash value is the amount that can be available to the policyholder if the policy is canceled, and it usually increases over time as premiums are paid. Policyholders can also borrow money against the loan value. The loan can be paid back with installments or a lump sum. A traditional whole life policy is the basic time of a permanent policy, and the premiums will remain the same. Universal life is more flexible, and premiums can vary within certain limits. Variable life insurance allows the policyholder to choose how to invest the policy’s accumulated value.
Contact Griffin Insurance Agency to get a quote on life insurance.