11 Oct The Fundamentals of North Carolina Life Insurance

The Fundamentals of North Carolina Life Insurance

Did you know that most U.S. families readily admit that they would be unprepared in the event of an untimely death of a loved one? In fact, nearly 22 percent of Americans with dependent children acknowledge that they would have immediate trouble with everyday expenses, and another 26 percent admit that if the primary money earner died they’d only be able to cover expenses for a few months. So with these statistics in mind, why is it that for the past 20 years there has been a steady decrease in the sale of life insurance policies? Often times, people lack the proper knowledge for purchasing aNorth Carolina life insurance policy and do not know the appropriate coverage they need.
Continue reading to learn the fundamentals of life insurance and everything you need to consider when purchasing the correct policy for your circumstances.  

People tend to jump into buying their life insurance policy because they want to ensure that their family has a financial safety net in place if the unexpected were to happen. However, a lot of thought should go into which type of policy is needed and the proper coverage for your situation. There are all kinds of life insurance policies according to your reasons for purchasing, and prices often widely vary among plans and different companies.
The following steps from insure.com are a smart way to determine and purchase the right life insurance policy:

1. Assess your needed life insurance amount, which means the economic needs of those you’d leave behind. Since your financial situation and families needs change throughout time, you life insurance coverage amount should be reviewed frequently to ensure it remains adequate.

2. Decide on the most appropriate policy type to meet goals (i.e. term, permanent, universal or variable universal). Term life insurance provides only a death benefit without any “cash values.” Term life is both the easiest to understand and the least expensive type of life insurance. A permanent life insurance policy provides a “cash value” account which serves as a return-on-investment type of component, resulting in it often times being a complex and expensive type of policy.

3. Choose a good company by its financial strength ratings. These ratings can be found online at insure.com as well.

4. Shop around for life insurance quotes (here at Spivey Insurance Group we would love to do that dirty work for you!) to find a good price.

5. Do you research by asking your insurer about the many different ways that you can save on your life insurance policy!

Don’t leave your family suffering both emotionally and financially if an accident were to occur, purchase the proper life insurance policy for you! Call Spivey Insurance Group today at 877-318-5951 for more information!