Life Insurance Overview – North & South Carolina
Serving Charlotte, Concord and Huntersville, Mint Hill Matthews, Fort Mill, SC, and the surrounding communities.
It can be hard to pay off debts or maintain bills after the death of a family member. Unexpected loss can be lessened by life insurance. Some people believe they don’t need life insurance until their older years. However, it’s best to buy a policy earlier in life. This is because steady income is more important for paying new mortgages or college tuition debt. No matter your age, you can find reliable policies that will fit your needs and circumstances.
Legion Agency can help you design a life insurance plan that is right for you and your loved ones. We offer affordable, comprehensive policies that can be tailored to meet your needs. Get started by contacting our agency today!
- Final expense coverage covers expenses that occur after the death or incapacity of the policyholder. Final expenses can vary by family and may include funerals, burials, or cremation costs.
- Individual life insurance is policies that are purchased directly from an insurance agency and not through your employer. The policy pays death benefits to the policyholder’s beneficiary, which are the loved ones who are listed on the policy to receive compensation.
- Term life policies are only valid for a specified period. A term life policy, for example, can be extended to last five, ten or twenty years if you don’t want your life insurance policy to expire after you have paid off student loan debt.
- Universal Life insurance allows you to adjust your premiums and benefits much more quickly than a traditional whole-life insurance policy. If they are in financial difficulty, policyholders can borrow cash value.
- Whole-Life policies tend to be the most popular types of policies. Whole life insurance pays out benefits after the death of the policyholder, and lasts for the entire life of the policyholder. These benefits may include a lump-sum payment or help with monthly bills such as a shared loan.
Every person has different needs. The amount of life insurance that you need will depend on the number of beneficiaries. Insurance professionals recommend that you have life insurance equal to ten to fifteen percent of your annual income.
You may also consider additional coverage options
For those who need less coverage or are on a tight budget, there are other options. For example, accidental death insurance does not provide compensation for policyholders who die as a result of an accident. This policy is usually cheaper than whole or term insurance policies. If the policyholder is diagnosed as having a terminal illness, an accelerated death benefit will provide cash compensation. A waiver of premium rider allows policyholders who are seriously ill, disabled, or injured to be able to waive their premium payments. Some term life insurance policies include term conversion, which allows you to convert a term policy to a whole- or universal life insurance policy.