Purchasing a life insurance policy in Burlington, North Carolina represents an important milestone in keeping your family and loved ones protected against the financial slings and arrows that life often brings. Chances are you purchased term life coverage as your first policy. While this type of insurance offers a significant amount of protection, term life policies are usually limited to a certain number of years.
If your term life insurance is set to expire, it’s a good idea to make the switch to a whole life plan. In the vast majority of cases, you can convert your current term life policy to whole life plan, regardless of your current health or occupation. This can be done at any given point in time before you turn 75, while some policies cover you up to age 100. Many people choose to purchase term life insurance first and later convert that policy to a whole life plan.
Converting to a whole life insurance policy definitely has its benefits, including the ability to build cash value that can be withdrawn or borrowed during your lifetime. With most whole life policies, your premiums remain the same, as does the amount of protection you get throughout your lifetime. The earlier your term life insurance policy is converted into a whole life plan, the easier it becomes to switch plans.
Don’t hesitate to give us a call if you want to learn more about these and other plans from your independent agent. We’ll help you come up with a plan that works just for you and your loved ones.
Contrary to popular belief, you do not need to be in perfect health to get life insurance in Burlington or any other city in North Carolina. Life insurance is available for people who may be disabled or suffer from certain other medical conditions. While you may not be able to qualify for the most preferred rates, there are many insurance companies who are willing to write life insurance policies for those people who are not in perfect health.
There are many different types and variations of life insurance available in the marketplace. By far, the most affordable is term-life, which, if you are 25 and in perfect health, can cost you less than $50 for $500,000 of coverage. Whole-life is another option that provides protection and also builds up cash value over time. For individuals who are disabled or have other issues that make it difficult to purchase these types of life insurance products, there is guaranteed life insurance.
Guaranteed-life is available to anyone who has sufficient income to pay the monthly premium. Your premium remains stable throughout the duration of the policy and, as long as you continue to pay your premium, you can never be canceled, regardless of your health. You never have to take a physical exam or answer any health questions.
This type of life insurance is more expensive than others that require a physical exam or answers to some basic health questions. Generally, these policies provide coverage for burial expenses and some living expenses during a transitional period for the beneficiary or beneficiaries.
People are all different and being disabled does not have to mean that you will not live a long and fulfilling life. Insurance companies do insure people with medical issues. You may be considered to be disabled because an old football knee injury left you with a bad knee, but that has very little to do with the rest of your health.
As your independent agent, we would be very happy to sit down with you and go over your personal situation. We have been able to help many people, who never thought they would be able to qualify for life insurance, get a policy that offers them the protection they need.
The meaning of the word “coinsurance” actually varies in different areas of insurance. Internationally speaking, coinsurance is regarded as a common contract where two or more insurance companies jointly assume risk based on a percentage. One company is tasked with various aspects of policy administration, from claims and documents to premiums and coverage.
When it comes to health insurance, coinsurance is often used synonymously with copayment. But whereas copayment is often a fixed cost you’re expected to pay at each doctor’s visit, coinsurance is expressed as a percentage of your medical expenses taken care of by your insurer, with the remainder handled as an out-of-pocket expense. If you exceed your out-of-pocket expense cap, the insurer steps in to handle 100 percent of your health care costs until you reach your lifetime cap.
In property insurance, coinsurance is a penalty imposed by the insurance carrier in the event that the insured under-reports or under-insures the value of commercial income or tangible property. Carriers determine this penalty by calculating the actual value, declared value and the amount of the resulting loss against a set coinsurance percentage. This percentage usually varies between 80 percent to as high as 100 percent.
We regularly help Burlington, North Carolina residents find valuable solutions for their insurance needs. As your independent agent, we can help you make sense of the seemingly complicated aspects of insurance, from coinsurance clauses to stop-loss policies. It’s important that you get in contact with us so that we can offer you helpful advice for your specific circumstances.