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Life Insurance Information
Life Insurance in Burlington, NC and Durham, NC
Financial security should be a priority for everyone, and if you have a family to take care of, you want to guarantee that they will be taken care of even if you are no longer alive to provide for them. Quality life insurance benefits can help you create a vessel to protect your loved ones financially even though your death might mean that they could face significant insecurity.
Everyone can benefit from life insurance, and The Peterson Agency is committed to helping residents of the greater PiedmontTriad get the policies that are right for them.All of our carrier partners offer affordable benefits that are customizable and easily manageable for any policyholder. We’ll work with you at all times to tailor your benefits to your advantage.
To get your policy, call us at (336) 227-0154 or request your free, no-obligation quote now!
Common Life Insurance Questions
How Does Life Insurance Work?
Life insurance is a benefit that assigns a monetary value to someone’s life itself. When that person passes away, the life insurance policy will pay that money out to a designated recipient in the form of a death benefit. Policies therefore involve two separate parties:
Insureds are the parties who insure their lives. If this is you, then you will designate a sum of money to be paid out from the policy on your death. When you die with a policy in place, your insurer will gather information on the circumstances, and if the terms of the policy allow, will pay the death benefit to your survivors.
Beneficiaries are the people who receive the death benefit. The beneficiary might be a spouse, adult child, close friend or even a charity of your choice. You can also choose to place these funds into a trust, which can govern the use of the money by the beneficiary.
Why is Life Insurance Important?
You will work hard to build a financially secure future for yourself and your family. Still, no one can predict tomorrow, and you want to leave your loved ones on a secure footing no matter when you might pass away. A quality life insurance policy will help you build the financial cushion that will ease their burden despite your absence in their lives.
The death benefit might help them pay for a variety of costs, including:
Funeral bills or other final expenses
Mortgages, car payments or other debts
Targeted costs like a child’s school tuition or a disabled relative’s long-term care costs
What are the Two Types of Life Insurance?
There are two primary types of life insurance:
Term Life Insurance: These plans only offer coverage for a certain number of years. For example, a 15-year term plan will only be active for 15 years. If you do not die during this term, then your plan will expire at the end of the term. You must apply for new coverage.
Whole Life Insurance: A whole life plan lasts from the time of enrollment until the end of your life, regardless of when that might be. It will only expire if you fail to pay your premiums. Besides a death benefit, a whole-life policy will also offer cash-value investment opportunities. A portion of your premium is invested into a savings account that accumulates value over time. You can then draw on this investment for income during your own life.
There are many other types of life policies on the market, including universal life, guaranteed issue, and group life coverage.
Which is Better, Term or Whole Life Insurance?
Whole life insurance policies offer continuous and more substantial coverage, despite their additional cost. However, they will require a significant application process. Still, once you have this plan, it will remain in place for the rest of your life, and you won’t have to worry about it ever expiring.
On the other hand, term life policies are often easier to qualify for, and often offer a way for someone with a difficult medical history or pre-existing condition to still be able to enroll in life insurance. These policies are also great to invest in if you want to use a policy for a specific reason, such as to pay for a child’s education. Once you no longer have to pay this expense, you can dispense with a term policy and you won’t have to worry about still paying for coverage that you don’t necessarily need.
Can I Buy Multiple Life Insurance Policies?
The good news is that you can buy as many life insurance policies as you want, which can help you design a mixture of coverage that will address a variety of your loved ones’ financial needs. Therefore, even though some policies might expire, you can still have other benefits available in the long run. Our agents will guide you through the process of creating a substantial benefits portfolio that will continuously provide you with optimized protection.