Charlotte, NC Life Insurance

How to Find the Best Life Insurance Policy in Charlotte, NC

Experts break down life insurance costs, coverages, companies, and more.

Happy senior man and son walking together in park. Find Charlotte North Carolina life insurance.

Purchasing a life insurance policy is one of the best things you can do for your family. A good policy can help to ensure that the loved ones you leave behind have financial stability after you’re gone. This can be especially important if you suddenly pass away during your prime earning years.

Independent agents have helped numerous Charlotte residents with all kinds of insurance coverage products. These local agents can work with some of the best life insurance companies in North Carolina as they search for a policy that is ideal for you and your family. Find an independent insurance agent near you to learn more.

What Are the Five Leading Causes of Death in Charlotte, NC?

The CDC tracks causes of death across the country. In Mecklenburg County, NC, the most common causes are:

  1. Cancer
  2. Heart disease
  3. Accidents / unintentional injuries
  4. Stroke
  5. Alzheimer’s disease

It is worth noting that accidents are the third leading cause of death in the Charlotte area. Accidental deaths are nearly always sudden and unexpected so there is no time to plan for the financial security of dependents and loved ones left behind.

Is Life Insurance Required in Charlotte, NC?

Residents of North Carolina are not required to carry life insurance. However, for many, this fully optional coverage is a wise investment.

You will need to evaluate your personal finances and life situation to best determine whether a policy is a good idea for you and your loved ones. If so, you will need to then determine what type of policy to buy and how much coverage you should purchase.

A low-value life insurance policy can cover your end-of-life expenses, such as estate settlement and funeral costs. A high-value policy can cover final expenses as well as provide your spouse and children with financial security for years to come.

You will most likely live a long life. In fact, the life expectancy in North Carolina is 78 years. However, it is always a good idea to be prepared for the unexpected. A serious accident or an unanticipated diagnosis of a fatal illness could potentially cut your life short in its prime.

When you have a life insurance policy in place, you do not need to worry that your untimely death will cause your dependents to suffer unnecessary financial hardship.

Consider this: In North Carolina alone, life insurance companies pay out more than $3.6 billion a year to their policyholders’ designated recipients (or, “beneficiaries”). That is a lot of financial help for those who need it.

How Much Does Life Insurance Cost in Charlotte, NC?

Everyone’s life situation is different, so it only goes to follow that the cost of life insurance can vary widely from one person to the next. Factors that can influence your costs include:

  • Policy type: Term life insurance and permanent life insurance policies each come with very different costs and benefits.
  • Your age: The younger you are when you purchase your life insurance coverage, the less it will cost.
  • Your health history: If you are in good health when you purchase your policy, you will pay less than someone who has a chronic disease.
  • Your family’s health history: If you have a family history of premature death or chronic illness, you may be subjected to high insurance rates.
  • Your occupation: If you work in a high-risk or high-stress jobs like construction or long-haul trucking, you will likely pay more for your coverage than someone in a low-risk job like clerical work.
  • Your use of tobacco products: Smokers pay significantly higher rates for coverage than non-smokers.
  • The value of your policy: The more coverage you are purchasing, the more you will pay.

The only way to find out how much a policy will cost you is by requesting customized life insurance quotes from a few competing insurers. Independent agents make comparison shopping easy.

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What Does Term Life Insurance Cover in Charlotte?

Term life insurance is a policy that is designed to provide coverage only for a designated period of time, which is referred to as a “term.” Most life insurance companies offer policies with terms ranging anywhere from five to thirty years.

For some people, a term policy is the best choice. For instance, young couples may want to consider a 30-year term policy that can provide coverage during the years they need it most, such as while they are paying off their mortgage and raising their children.

Single parents may want to purchase a 20-year term policy to ensure that in the event of their untimely death, their children will be provided for and will have the funds necessary for higher education if they want to pursue a degree after high school.

  • Pros: Term policies are the least expensive life insurance option. These policies cost only a fraction of what a permanent life policy of the same size would cost. This makes it possible for you to buy a very large amount of coverage at a very affordable price.
  • Cons: Term policies are temporary. They cease to provide coverage once your term expires. At that time, it may be difficult to purchase another policy, particularly if you have been diagnosed with a chronic illness since you originally purchased coverage. If you can get coverage, it will likely be far more expensive that what you were used to paying.

What Does Permanent Life Insurance Cover in Charlotte?

Permanent life insurance can provide you with coverage for your entire life, so long as you continue to pay your premiums. There are a few different kinds of life insurance policies that fall under the permanent life umbrella. These include whole life, universal life, and variable life insurance policies.

Permanent policies cost a lot more than term policies do, but they offer an investment component as well as a tax-deferred status. Therefore, many people find it worth the higher price tag.

By purchasing a permanent life policy while you are still young and healthy, you can lock in low rates and maximize your benefits.

  • Pros: Your policy builds a cash value while providing you with money-saving tax benefits. You can tap into the accrued value of your policy if your financial situation necessitates it. Also, you can cancel your policy and collect your cash earnings at any time.
  • Cons: This coverage comes with a much higher price tag than a term life policy. Also, if you fail to pay your premiums on time, the policy may be irrevocably terminated.

Which Type of Life Insurance Policy Should I Buy?

For many people, the most difficult part of purchasing a life insurance policy is deciding which type of policy to buy. You may want to consult with a trusted financial adviser who can help you review your current financial situation and can make recommendations about which type may be best for you.

When it comes to life insurance types, however, there are no right or wrong choices. Ultimately, the kind of policy that is best for you is the one that you feel most comfortable with.  

How Can an Independent Agent in Charlotte Help Me Find the Best Life Insurance Policy?

Independent agents in Charlotte, NC, are available to help you find the best life insurance policy to meet your coverage and budgetary needs.

These agents can work with several reputable insurance providers to provide you with a selection of customized quotes. That way, you can choose the policy that offers the best value for you and your family.

It doesn’t cost anything to talk to an independent agent. Arrange an obligation-free consultation with an independent insurance agent near you to start your search for the best life insurance policy in Charlotte, North Carolina.

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https://www.mecknc.gov/HealthDepartment/HealthStatistics/Documents/2017%20Leading%20Causes%20of%20Death.pdf