The average life expectancy for a Hammond resident is 74.5 years, while Indiana’s is 77.2 years. On average, Hammond locals have a shorter life than the state and national median, so it's important to have a life insurance policy. Your loved ones may not be financially ready to support themselves in the event of an untimely death. A life insurance policy will make sure that the ones you care about will be okay if you pass away.
A life insurance policy in Hammond is made simple when you use an independent insurance agent. A local agent will guide you through the different coverage options and policy types available to you, so you can be sure to make a smart decision. Contact an insurance agent in or near Hammond to get started.
What Can Hammond, Indiana Life Insurance Do for You?
You never know when an untimely death will occur. Accident are the 4th leading cause of death in Indiana. That's why it's crucial to make sure that you have a policy in order so your loved ones will be provided for.
Your loved ones can focus on healing, while your life insurance policy will help them financially. Your life insurance policy will provide coverage for things such as:
- Paying for college tuition or a mortgage
- Covering your funeral and burial costs
- Paying off accumulated debt
- Donating to your favorite charity
If you have a whole life policy, you can use the accumulated funds at any time if you need to recover lost income or cover financial burdens such as loans, rent, a mortgage or any other debts.
Reasons to Have Life Insurance in Hammond, IN
A life insurance policy is an important purchase for Hammond locals to protect their loved ones from financial hardships in case of an untimely passing. This policy is especially beneficial for new families, homeowners, and anyone who is relying on them financially.
Most important, the younger and healthier you are, the less expensive life insurance will be. It is recommended that you purchase this policy while you're still young so the rate will be affordable, because the older you get, the more health risks you have.
Indiana Mortality Statistics
The national average for life expectancy is 78.5 years, while Indiana’s is 77.2 years. Indiana is rated the 41st state for life expectancy in the nation, making it one of the lower states in the country. Residents in Hammond have a lower life expectancy than the average, so it is crucial to have a life insurance policy. Below are the top 5 causes of death in the state each year:
- Heart disease: 14,445 deaths
- Cancer: 13,462 deaths
- Chronic lower respiratorydDiseases: 4,375 deaths
- Accidents: 3,978
- Stroke: 3,150
Average Funeral Costs
- Cremation with no memorial service: $2,000
- Cremation with a traditional funeral service: $10,000-$12,000
- Burial with a memorial service: $10,000
- Burial with a traditional funeral service: $15,000
These days the average funeral can cost upwards of $15,000. It’s important to make sure that your loved ones are left with a life insurance policy that will help them through this expense.
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Types of Life Insurance Policies
There are two major types of life insurance policies available: term life insurance and permanent life insurance.
Term Life Insurance
Term life insurance is a great place to start if you don't currently have life insurance. This policy is the less expensive option and is designed to provide coverage during times when you really need financial security. This policy is typically chosen by new families or people who have just bought a house.
This policy is available for varying time periods and is flexible in meeting your changing needs. However, at the end of your term you will no longer have the policy and can purchase a new policy. You may find it difficult to find affordable coverage if you're older or sick.
Permanent Life Insurance
Permanent life insurance is an umbrella term for different types of life insurance policies that never expire. These policies include:
- Whole life insurance: This policy is paid out to the beneficiary or beneficiaries upon the insured’s death. In addition to being covered your whole life, it also contains savings where cash value may accumulate. The policyholder can access this cash while alive, if needed.
- Universal life insurance: This policy is characterized by its unbounded pricing structure and flexible premiums. Anytime you make a payment towards this policy, part of it goes into an investment account and you receive the interest. This policy is paid out to the beneficiary or beneficiaries upon the insured’s death.
Get Help from a Hammond, Indiana Insurance Agent
A local Hammond independent agent can help guide you through your various options and answer your life insurance questions. Your agent will compare multiple rates from different insurance companies to make sure that you get the best policy for you. Contact a local independent agent near you to get started.
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