Life insurance can be a tricky subject. It's uncomfortable to talk about the end of your own life, no matter your age. Unfortunately, death happens to everyone. For those who choose not to prepare for it, their family, children and loved ones may be left paying large sums for a funeral. Additionally, when the family's main breadwinner passes, there may be a large gap left financially, which can make the impact of death even worse. While it's hard to think about, it's important to make sure that your family is taken care of after your passing -- and one main way to accomplish this peace of mind is to have life insurance.
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Alabama Life Insurance Statistics
- Heart disease is the #1 killer in AL, followed by stroke and lung cancer.
- In recent years, heart disease claimed over 2,450 lives in AL alone.
- Out of all 50 states, AL has the 3rd shortest life expectancy, at 75.18 years.
- There were over 21,600 violent crimes in AL in previous years, which is higher than the national average.
While everyone hopes to live a long, healthy, happy life, death will happen to us all. That is why it's important to have life insurance in place, so your family can continue to afford their regular expenses, along with extra expenses such as college tuition, car repairs and more.
What Is Life Insurance in Alabama?
Life insurance is an insurance policy that you pay for before your passing. There are many different types of life insurance policies available. Below is a breakdown of a few of the most popular types of life insurance:
- Term life insurance: This is a policy that lasts a specific length of time, such as 5 to 30 years, and offers a death benefit of your choice. The premiums will stay the same during the term of the policy. Term life starts as low as $15,000 and can increase to millions. If you pass away during the policy term, your beneficiaries receive the death benefit outlined in the policy. Otherwise, you can renew or make changes to your policy.
- Permanent life insurance: This is typically a policy that will last during your entire life. Not only do your beneficiaries receive the death benefit outlined in the policy, but you can also invest cash to accumulate tax-deferred savings. There are two main types of permanent life insurance policies:
- Whole life insurance: This type of insurance most commonly offers predictable premiums and a steady rate of return on your investment.
- Universal life insurance: This insurance policy fluctuates in value depending on the market, and you can also use money from the account if needed.
- Annuities: With permanent life insurance, an annuity can begin to pay you back either immediately after starting the policy, or you can defer the payment until later in order to accrue value.
- No exam life insurance: This insurance is typically more expensive than the other types, as health insurance companies want a good health snapshot on you before offering you a policy. No exam life insurance still offers benefits but is usually not a wise investment in the long term.
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How Much Is a Life Insurance Quote?
Life insurance prices differ based on your health, your lifestyle and your policy choice. When choosing a life insurance policy, be sure to have the following information ready:
- Your name/age
- Your occupation
- Your health history
- Any medications you take
- Any surgeries
- Your children/spouse
- Any other specific beneficiaries
- Tobacco/alcohol use
- Drug use
- Medical exam results
All of these factors will be taken into consideration before giving you a life insurance policy quote, in order to get you the best policy.
Are Discounts Available on Life Insurance?
Just like many other insurance policies, there are discounts and ways to save on life insurance policies. When you're searching for life insurance, be sure to ask about the following:
- Multi-policy discount
- New customer discount
- Smoking abatement discount
- Paid-in-full discount
- Weight loss discount
- Adjusting policies for lower prices
These are just a few of the ways to save money on life insurance policies. Each insurance company offers different incentives and discounts, so be sure to ask about any you may not be aware of.
Get The Right Life Insurance Policy in Alabama
Purchasing life insurance is an important part of getting older. As you begin considering your options for life insurance in Alabama, having a professional by your side can make all the difference. Our independent insurance agents are always available to help you review coverage options, find discounts, or even help you file a claim.