NC Life Insurance: Best Rates in Gastonia
You’d do anything for your loved ones, but life is unpredictable. In the blink of an eye, everything can change. Tragedy may leave those who depend on you the most to fend for themselves. Elite’s NC life insurance programs help you continue to protect and provide for those you love most if the unthinkable happens.
How Life Insurance Works
Many NC residents may not know there are different types of life insurance. In any case, the policyholder selects beneficiaries who will receive a death benefit in the case that they pass.
One can choose these policies in forms that are designed to either cover the insured for a set period of time or their entire lives. There are more layers to each form, but there are two primary types of life insurance: Term and Permanent.
Term Life Insurance
Term life insurance policies are meant to act as a means to prevent any financial burdens that may come with your passing. They work to replace your income to cover ongoing expenses that will decrease or end over time.
Term life is perfect for providing coverage of debts such as mortgage payments, loan payments, education funds, and other expenses you cover on a monthly basis.
Your insurance policy will cover you for the period you select. Once the policy expires, you have the option to renew your policy or to convert it to a permanent life insurance policy.
We offer Level life insurance. A Level policy retains the same value, and payments will stay consistent throughout the term.
Permanent Life Insurance
Permanent Life Insurance policies are meant to cover the insured for their entire life or to help beneficiaries deal with final expenses.
The main benefit to this form of life insurance is that there is no time frame for loved one’s to receive a death benefit.
Even if they no longer depend on your income, you may want to leave behind financial means to alleviate financial burdens they may be facing, and permanent life insurance is a great way to do that.
Permanent Life Insurance is more expensive than Term Life Insurance because premiums are generally higher and will last for the rest of your life. The trade-off is that the “cash value” generally increases over time. Additionally, the cash value can often be used as loan collateral
This option is best suited for the independently wealthy or with finances that guarantee the ability to make timely payments.
Like with term insurance, permanent life insurance plans exist in different forms. The policy selected can be very complicated, and this means you need to take extra care to ensure that you are deciding what best suits your needs.
Universal Life Insurance
Universal Policies are more complex than traditional but offer flexibility that many policyholders may need. Depending on limitations in the policy, premiums can vary.
At some points in the policy terms, payments may be higher, other times they may be lower, or may even be skipped so long as the accumulated value is enough to keep the policy. Payment requirements depend on multiple factors and may even be predetermined.
This form of life insurance is also interest-based. This factor can both raise and lower premium payments as well as total value. It’s essential to take note of what is guaranteed in the policy.
While interest rates may be beneficial to the policyholder, they do not promise that their policy value will increase.
What Impacts My Monthly Premiums?
Where you live will not impact how much life insurance costs. Monthly premiums do not vary by state or region. The insurance company sets its premium then submits it to the State Insurance Department for approval.
Like health insurance, life insurance policies are impacted by several health- and risk-related factors. Gender, age, and more will be factored into premium payments.
Additionally, how much the policy is for and how long the term is will determine how much you pay into your life insurance policy.
While it is typical for term life insurance to have lower monthly premiums than permanent, this is not always the case. If the policy amount is more significant than payments may be equally as high, if not higher.