Life can be good in Providence, RI. One of the first U.S. cities to really industrialize, it is now a creative and service center and a thriving economic hub. Criss-crossed with small streets containing old historic buildings, Providence is the largest city in Rhode Island, home to thousands of families. But did you know that over 40 percent of Americans don’t have life insurance to protect their loved ones after they are gone? It may be a good idea to look into Providence, RI life insurance options for your family.
RI life expectancy is slightly higher than the average in the U.S., which puts the state in the middle of the national table. It shows the same overall trends as national statistics,with heart disease and cancer at the top of the list, though RI has considerably fewer stroke victims than the national average.
There are basically two types of Providence life insurance coverage; term life and permanent life. They both give your family a death benefit, but a permanent policy provides a saving aspect too.
Term life is what it suggests – life coverage for a specified period, either a number of years (10, 20 and so on) or until you reach a particular age, say 65. Should the worst happen within that time, the policy will pay out a specified benefit to your family. You don’t need to worry about your loved ones being unable to afford the mortgage, or go to college like you planned. You will have provided the means for them to continue with their lives without a struggle.
These policies fall into three types – level term, decreasing term and increasing term insurance. Term life is generally more affordable than permanent life, and can provide a large amount of protection during the time in life when your family is most dependent on your income.
Most term life policies never pay out, because the term ends before the onset of advanced age and its accompanying illnesses. Permanent life is different because it offers an investment component, which means you will get a guaranteed sum at the end, whatever happens. You can use this element to save for things you expect to have to pay for in the future, such as weddings, kids going to college, retirement.
There are also three types of permanent Providence life insurance; whole life, universal life and variable life. Universal life and variable life give you greater control over how your money is invested and paid out, and the rates you pay over the life of the policy.
You want to maintain your family's current lifestyle, even if you are not around to provide for them directly. We usually don’t want to think about this – but the alternative is much worse.
Let an independent agent from Trusted Choice® guide you through the options and get you the right Providence life insurance quotes to protect your family's future. Find a local member agent today to get started.