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Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.
Term Life – Term life is the simplest form of life insurance. It provides a pure death benefit. The policy will cover the insured for a specified period of time (the “term”), such as 10 or 20 years, or until a specified age. For more information check out this Consumer Guide.
Whole Life – This policy, sometimes called ordinary life or straight life, covers the insured for life as long as premiums are paid. This is the most basic permanent policy. Typically, the premium remains the same throughout the life of the insured. The NCDOI Consumer guide can help you learn more about this type of life insurance.
Universal Life – Sometimes referred to as Flexible Premium Adjustable Life, this policy is more flexible than a traditional whole life policy. Premium payments may vary within certain limitations stated in the policy. The NCDOI can provide you with detailed information on this type of insurance.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
No matter what your needs our specialists can help create a plan that fits your situation. Contact us today to make an appointment.