North Carolina life insurance is a key part of a financial plan for any Tar Heel (or Wolfpack or whichever school you root for). While most people know that life insurance is important bringing up the subject feels a little morbid and the thought of wading through the process seems not only aggravating but confusing. However, by getting a firm grasp of North Carolina term life insurance and life insurance with an investment, you can walk into purchasing life insurance confidently and armed with all the information you need to make the right decision.
Term life insurance is the least expensive form of North Carolina life insurance that will cover you for any type of death. It is also the easiest to understand. North Carolina term life insurance is just insurance. If you were to die it would pay out the face value of the policy. So if you pass away and had $500,000 of insurance then it would pay your beneficiaries $500,000. The word “term” refers to the number of years that your premium payments do not change. The most common terms are 30 years and 20 years. There are also smaller terms but most people go with one of these two. The other nice feature is that because term life insurance is so simple it is the same no matter where you are. So if you are looking at Asheville life insurance, Chapel Hill life insurance, South Carolina life insurance, Georgia life insurance, or Virginia life insurance it all is in the exact same format.
The other major type of North Carolina life insurance is life insurance that also has an investment tied to it. The way this works is you receive life insurance coverage, very similar to North Carolina term life insurance, but pay higher premiums. The extra amount in the premium payments pays for two things. Some of it goes into an investment account and grows over time from the premiums and from interest. The other part of the extra premium goes to pay the insurance company for managing the investment account. While the cash value grows you have insurance coverage the entire time. The obvious downside is that this insurance is much more expensive and the fees that you pay for the investment account could be a lot lower if you just put money into your own investment account.
Whether you decide to go with North Carolina term life insurance or some other form of North Carolina life insurance our team at TermLife360.com is happy to help you get the best life insurance rates for your needs. If you would like to get quotes just fill out the form on the side of this page. If you have any questions or if there is any way we can serve you please let us know.