Arkansas residents work hard, play hard and live hard. Although that might be one reason they don't live as long as those in other states, life in the Natural State is still preferable to most. No one likes to think of their impending death, but as we age and start a family, protecting those we love long after we're gone is one of those unavoidable responsibilities.
Before you search for life insurance quotes, however, there are several factors to consider.
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Arkansas Life Expectancy and Statistics
According to census reports and health data:
- Arkansas rates 45th in the nation in terms of life expectancy, with an average death occuring at age 76.
- The leading causes of death in Arkansas include:
- Heart disease
- Chronic lung disease
What Are My Life Insurance Options?
Life insurance is somewhat complex. Depending on the type of policy you choose, life insurance can be very flexible or pay for specific things following your death.
The two basic types of life insurance policies offered by Arkansas companies include:
- Term life insurance: A term life policy is in force for a specific time and has a set coverage amount that you choose when you buy the policy. In the event that you die within the chosen term, your Arkansas insurance company pays the face value of the policy as a death benefit to your beneficiaries.
- Permanent life insurance: A permanent life insurance policy (which includes whole life, universal life and variable life insurance) is in force for your lifetime as long as you continue to make your premium payments. Like term life insurance, permanent life insurance pays a death benefit, but some policies operate more like investment vehicles and can accumulate interest.
What Are the Differences in Term vs. Whole Life Insurance?
The differences between term and whole life insurance policies are numerous. Understanding your family's needs and your life insurance goals will help you choose the best type of policy for your Arkansas loved ones.
Term life insurance:
- Provides death benefits only
- Pays benefits only if you die while the term of the policy is in effect
- Easiest and most affordable life insurance to buy
- Purchased for a specific time period, such as 5, 10, 15, or 30 years, known as a “term”
- Becomes more expensive as you age, especially after age 50
- The term must be renewed if you want coverage to be extended beyond the term length
- Can be used as temporary additional coverage with a permanent life insurance policy
- Can be converted to whole life insurance
Whole life insurance:
- Covers you for life
- Provides death benefits, as well as a cash value accumulation that builds during the life of the policy
- You typically must qualify with a health examination
- Can be purchased without a medical exam, but at a higher cost
- Takes 12 to 15 years to build up a decent cash value
- Can be a good choice for estate planning
- Cash value is based on how much the return on investment is worth
- A portion of the cash value can be withdrawn or borrowed during the life of the policy
- Initially has more expensive premiums than term life insurance, but can potentially save you money over the life of the policy if in force for a considerable number of years
Who Should Carry Life Insurance in AR?
If you are like most Arkansas residents, you probably didn't start thinking about life insurance until you achieved a significant milestone. Although life insurance is a good thing for anyone to have, it is especially important for:
- When you get married
- When you start a family
- When you buy a house
- When you start up a business
- If you accumulate significant personal debt
Why is Life Insurance Important?
If you should die suddenly or unexpectedly, you don't want to leave your loved ones holding the financial bag. Untimely deaths can often lead to significant costs for family members who may struggle to pay medical bills and burial expenses. Not only do you want to make sure your family avoids the undue stress of figuring out how to afford the average cost of $10,000 for an Arkansas funeral as they grieve their loss, but you may also want to leave them with a financial cushion to help them pay the mortgage, education expenses or other major, daily costs.
What Will My Life Insurance Quote Look Like?
The annual premium quotes you will receive for a life insurance policy depends on several factors. While most Arkansas insurance companies use very complex and confusing algorithms to calculate life insurance quotes, the following aspects will have the biggest impact on your life insurance quote:
- Your age: Generally life insurance quotes increase as you age.
- Your health: If you have any chronic diseases or diagnosed ailments, or if you smoke, you will see higher quotes than a healthy, non-smoker.
- Your gender: As women live longer than men, their life insurance quotes are generally lower.
- Your occupation: As teachers and writers face fewer life-threatening risks than police officers and electricians, they will see lower life insurance quotes.
- Your medical exam results: “No exam” life insurance quotes are available, but are typically more expensive.
The average life insurance quote for a 40-year-old male chain smoker is very different from the average quote for a 30-year-old female with a clean bill of health.
Whether you choose term or whole life insurance will also significantly impact your premium quote. For example, a 35-year-old non-smoking woman would pay an average of $61 per month for $1,000,000 worth of life insurance with a 20-year term, and $23.90 per month for $250,000 worth of life insurance with a 20-year term. The same woman may pay an average of $731.50 if she wanted $1 million worth of whole life insurance, or about $188.36 for $250,000 whole life insurance policy.
Where Can I Find Life Insurance in AR?
Life insurance contains as many variables as life itself. Finding the right policy can be time-consuming and frustrating, but it doesn't have to be that way.
Knowledgeable, independent insurance agents in the Trusted Choice network are always available to answer your questions, suggest coverage options best suited for your goals, and even assist your family members in filing a claim to ease their transition. These agents have years of experience working with Arkansas insurance providers, enabling them to find you a number of quotes with the best coverage options at the most affordable rates. Contact a Trusted Choice member agent near you to find out how you can obtain the perfect life insurance policy that meets your needs and budget while being there for your family long after you no longer can help.