Trust our experienced agents to find the right term life insurance policy for you.
When most people think of life insurance, they usually think that it refers to the benefits your loved ones will receive if you pass away during the policy term. However, not everyone knows that there are actually a few different types of life insurance policies to choose from.
One of the most common types of life insurance is known as term life insurance. Unlike whole life insurance, term life insurance only lasts for a limited window of time, such as 10 or 20 years. Term life insurance can be a good option for parents with young children who want to ensure their family will be financially stable in case one of the parents passes away before their children reach adulthood.
For instance, someone may purchase a term life insurance policy for 20 years to make sure their spouse and infant will receive benefits in case of their untimely demise. If the policy holder passes away within that 20-year period, their beneficiaries will receive consistent financial aid from the insurance agency.
In order to get term life insurance, you’ll have to go through an underwriting process. This standard procedure will typically require you to undergo a medical exam and provide the insurance agency with information about your age, lifestyle, and other factors that might impact your overall health and wellbeing. Then, the insurer will analyze your responses to determine your monthly premium for different term life insurance policies.
A general rule of thumb when it comes to choosing a term life insurance policy is to remember that the longer your policy lasts, the higher your monthly premium will be. In some cases, whole life insurance may be the right option for you since it will never expire as long as you keep paying the premiums.
To discover the best life insurance policy for you and your family, connect to one of our friendly local agents serving people in Hickory, North Carolina. At The Catawba River Insurance Group, we’re committed to giving you lasting peace of mind with customized insurance plans for your specific needs.