Salem is a cozy rural town where nearly 29,000 New Hampshire residents have put down roots. Salem’s citizens enjoy a huge amusement park, Canobie Lake Park, and the largest mall in the state. The median age for Salem residents is 43 years old, some have life partners (6.7%), and even more (70.1%) are raising a family. Whether you’re one of the Salem citizens who's busy taking care of a spouse and children, or you’re someone settling into those blissful retirement years, you may be considering Salem, New Hampshire life insurance to protect your loved ones and your financial stability.
Picking the right insurance can be a confusing task, whether you're looking for life insurance, homeowners insurance or auto coverage. The great news is you don’t need to do it alone. Independent insurance agents in Salem can help you figure out the best life policy for you and your loved ones. Find an insurance agent near you to learn more.
Salem, New Hampshire Mortality Statistics
The average life expectancy in the US is 78.6 years. In the state of New Hampshire, these are the most common causes of mortality each year.
- Heart disease: 36%
- Cancer: 31%
- Strokes: 8%
- Chronic asthma, bronchitis, and emphysema: 7%
- Accidents: 4%
- Diabetes: 4%
- Alzheimer’s disease: 4%
- Flu and pneumonia: 3%
- Suicide: 2%
- Kidney disease: 1%
Who in Salem, New Hampshire Should Buy Life Insurance?
All Salem residents should consider buying a life insurance policy that will provide financial support to their family should they pass away. Have you ever really thought about how your family would cope if you were no longer around to contribute financially? Would your spouse be able to cover the mortgage, car payments, and medical insurance? How would your children pay for their education?
Salem, New Hampshire Financial Stats
- Estimated median household income: $89,359
- Estimated median income per individual: $44,568
- Median home or condo mortgage: $334,948
- Median gross rent per month: $652
- Average US college education at public institutions: $17,237
- Average US college education at private nonprofit institutions: $44,551
Almost every American has some debts that will remain outstanding even after they’ve passed. It’s a popular myth that once you're gone, then any money you owe is erased. Your survivors will inherit these debts and they’ll be expected to pay down your car loan, credit cards, and other costs. Plus, your loved ones will need to pay for funeral expenses and any accumulated medical bills still due after a long illness.
Average American Funeral Expenses
- Burial with a traditional funeral service: $15,000
- Cremation with a traditional funeral service: $10,000 to $12,000
- Cremation without a memorial service: $2,000
Life continues for your survivors, so it’s vital you leave them a life insurance policy that will ease their financial burden.
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Types of Life Insurance Policies
Life insurance coverage is available in two basic versions. These are the two most popular types:
- Permanent life insurance: This policy remains valid for the life of the insured.
- Term life insurance: This policy is valid for a set amount of time, usually somewhere between 5 and 30 years.
Permanent Life Insurance Explained
A permanent life insurance policy provides death benefits, as well as a savings/investment feature. Permanent life coverage is more expensive than a term life insurance plan because of the added investment components.
This type of life insurance comes in two formats:
- Whole life insurance: The premiums stay the same and there’s a guaranteed cash value accumulation.
- Universal life insurance: The premiums, death benefits, and savings benefits are somewhat flexible.
Permanent policies are meant to last a lifetime, which may be obvious based on the coverage name. Yet the cash value that grows on a tax-deferred basis on your permanent life policy can be used for things like paying future premiums, receiving dividend payouts, or borrowing a personal loan against the policy’s value. You can talk with an experienced independent agent in the Salem area for more information.
Term Life Insurance Explained
Term life insurance plans are the most popular types of coverage because of their affordable pricing and simple design. You normally buy this life protection for blocks of time like 5, 10, 20, or 30 years. You can also buy term insurance to cover you to a specific birthday like age 55 or 65. Unlike a permanent policy, term life is only meant for death benefits and doesn’t have any type of savings benefit.
Once your policy’s term is about to expire, you get the option of renewing the term coverage or converting it to a permanent life insurance plan.
There are three different term life policies:
- Level term: The premium and death benefit stay the same for the term.
- Decreasing term: The death benefit decreases over time and so does the premium.
- Increasing term: The death benefit increases over time and so does the premium.
Talking with a local insurance agent can help clarify the different types of term life insurance and how each may benefit you and your loved ones. You can also talk with an independent agent about other coverage, like business insurance and flood insurance.
Selecting the Best Salem, New Hampshire Life Insurance Policy
Most life insurance companies will ask you to complete a medical questionnaire that includes you and your family’s medical history. You may also need to go through a physical examination to check on your current health status. Life insurance coverage that doesn’t ask many questions and doesn’t ask for a medical exam is typically less expensive but also has fewer protections (e.g., low face amount, short term, exclusion riders).
Once you know which life insurance is best for you and your loved ones, you then must figure out the death benefit amount that’s best. This dollar amount should take into consideration your current financial needs and any future needs.
What Can Salem, New Hampshire Life Insurance Do for You?
The answer is simple. Life insurance is meant to cover the expenses left behind when a loved one passes on. Therefore, the following should be considered when deciding on the death benefit:
- Funeral costs, estate taxes, etc.
- Medical bills
- Total debts (e.g., mortgage, car loans, credit cards)
- Surviving spouse’s estimated annual living expenses
- Surviving spouse's annual income
- Surviving spouse’s current age
- College fund for surviving children
- Emergency fund amount your spouse will need
- Total investments or retirement funds available
How a Salem, New Hampshire Independent Agent Can Help
One of Salem’s independent insurance agents can help you find the best life insurance policy for you and your family. A Trusted Choice agent can get you a variety of life insurance quotes from different companies, review policy terms, and answer all your questions without any service fees. Contact a Salem, NH insurance agent today to find the best coverage for your life. It's the best gift you can leave behind for your loved ones.
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National Center for Education Statistics
New Hampshire Department of Health and Human Services