South Dakota is the new American success story. As more families move here to live and work, they need to realize the importance of having life insurance to protect them from unforeseen circumstances. You can get quotes on a large variety of life insurance policies. The right one for you depends on your age, health, goals and preferences. Whether you're just starting out as a young adult or you're thinking about retirement, the right life insurance can give you peace of mind that your finances are secure and your loved ones will be able to continue their way of life.
Life Expectancy in South Dakota
SD ranks 11th in the country for life expectancy, with an average life expectancy of 79.85 years. Top causes of death in SD include the following:
- Heart disease
- Lung disease
- Car accidents
If your loved ones depend on you and your income, it's important to make sure they remain protected when you can no longer be here for them. Life insurance can help your family keep their way of life. If you live a long, healthy life, you can even use your life insurance policy to provide for your retirement.
When Is the Best Time To Buy Life Insurance?
Premiums on life insurance policies tend to get higher as you age. That's why it's important to start investing in a policy at a younger age. If you get a permanent life insurance policy while you're still young and healthy, you can usually lock in a low rate for the rest of your life. Term life policies can also be beneficial while you're relatively young because they often cover the years when your children are still young and dependent and your family needs you the most.
How Much Life Insurance Is Enough?
The amount of coverage each person needs depends on a wide variety of factors. Ask yourself the following questions, and then talk to a local agent to get professional advice:
- How much would it take to pay off your home?
- How much will it cost to continue your children's education through college?
- Who will cover the cost of your funeral and final expenses?
- What investments or assets do you have?
- How much debt do you have?
- How much have you saved for retirement?
Once you account for your debts and future expenses like college tuition, you can add that amount to the income you would like to replace. Many people strive for 10 years of income replacement. So your ideal life insurance amount may be your total debts and expenses plus 10 years' salary.
What Are the Different Types of Life Insurance?
South Dakota residents have a wide variety of life insurance policies available to them. Some of the most popular types of life insurance include the following:
- Term life: This is usually the least expensive form of life insurance. It offers a simple death benefit and covers a set number of years, usually 20 to 30. A term life insurance policy can be a great option if you have a family growing up in your home because it usually covers the time of life when your children are young and need money for tuition and living expenses. It can be expensive to renew the policy when the term ends, which is why a permanent life insurance policy is often a wise idea.
- Whole life: This is a form of permanent life insurance. When you purchase your policy, you can lock in your premium for the rest of your life as long as you keep the policy active. Whole life policies accrue a cash value, which you can use as collateral or cash out if necessary.
- Universal life: This is another form of permanent life insurance, but it offers greater flexibility than a whole life policy. You can use it as a retirement annuity if you live a long life, or you can use it as a death benefit for your family. You can also adjust your rate and sometimes have some say in how to invest the money.
Find the Best Quotes for Life Insurance in South Dakota
An independent agent in the Trusted Choice® network can shop a wide variety of insurance companies to find the quotes and policies that work best for you. There are local agents in South Dakota who can sit down with you and discuss your family, your goals and your best options.
Contact a Trusted Choice agent in your area for reasonable quotes and personalized service right here in South Dakota.