Residents of New Hampshire enjoy a long life that exceeds the national life expectancy rate. Maybe it’s the brisk winters or the variety of outdoor activities, but citizens of New Hampshire are some of the healthiest in the nation. For this reason, life insurance may not always be at the forefront of their minds. But, accidents happen, and while you may not plan on having a heart attack or getting into a car accident, it’s better to be prepared. One way to protect the ones you leave behind is by having New Hampshire life insurance. But which policy is right for you?
Top 10 Causes of Death
- Heart disease
- Chronic lung disease
- Influenza and pneumonia
- Kidney disease
Do You Need New Hampshire Life Insurance?
Accidents can happen to anyone, young or old, but age isn’t an accurate indicator of your insurance needs. Many young people assume that life insurance isn’t a necessity because they’re healthy and single, and have no dependents. But, if you have thousands of dollars of student loans in addition to credit card debt, who will pay those off if you die? Fortunately, most of us make it through our early twenties unscathed and begin to consider purchasing life insurance when we marry and start a family.
This is a great time to consider purchasing New Hampshire life insurance if you don’t already have a policy. Many young adults have plans to purchase a family home where they can raise their children, but the unexpected death of a primary income earner can bring things to a halt if that provider’s loved ones have no benefits. Life insurance can provide the monetary support needed to pay off debts such as a mortgage and credit cards. Life insurance can also help pay for funeral expenses, as well as contribute to a college fund.
New Hampshire Life Insurance Coverage Options
Understanding the differences between life insurance plans will make your decision easier when it’s time to purchase coverage. Do you need a plan that's affordable or one that allows you to build multiple avenues of benefits? There are plans that satisfy each requirement:
- Term Life Insurance: If you need a life insurance policy that works within a strict budget, this is the plan for you. When you purchase a policy, you choose a specific term, or number of years, for which the policy will be active. Typical amounts range from 5 to 30 years. You also have the option to purchase one-year renewable policies and age-specific policies. Once you’ve selected a term, you choose a death benefit. Amounts can range from $5 thousand to $1 million. You can renew your policy at the end of the term.
- Permanent Life Insurance: This type of policy is more expensive but allows for long-term investing. Those who are interested in building a retirement portfolio may find this policy extremely appealing. A permanent policy is typically effective for your entire life or until you reach age 100. In addition to providing a death benefit, it also allows for tax-deferred cash accumulation through a separate account, payable to your beneficiaries. There are two kinds of permanent life insurance policies:
- Whole life insurance: This type of permanent insurance provides a steady rate of return on cash investments and premiums.
- Universal life insurance: Premiums and rate of return fluctuate with the market, but you also have the benefit of putting more cash into the account or taking a break from paying your premiums.
Trusted Choice is the Right Choice
Making the right choice for yourself and your family will require an evaluation of your needs and risks; the costs you want to cover in the event of your unexpected passing; and even the choices you may want to make to build a long-term investment portfolio that you can enjoy if you do live long into your golden years. An independent agent in our network can help you compare New Hampshire life insurance quotes on several different types of policies and help you make an informed choice on the best policy for your unique needs.
Contact an independent agent for personal assistance today.