Vermont residents need life insurance. VT is one of the best places in the country to raise a family, home to some of the best schools in the nation, along with gorgeous scenery and full seasons. Quotes on affordable policies are often easy to find, but a majority of state residents still risk their financial future because of inadequate life insurance coverage.
You can get quotes on many types of life insurance by speaking with a local agent who knows Vermont and understands the details of term life, whole life, and universal life coverage.
The U.S. Life Insurance Gap
Life Insurance and Market Research Association reported the following:
- In 1960, 72% of US citizens carried life insurance.
- In 2010, only 44% of Americans had life insurance.
- 40% of those who do have life insurance, feel they do not have enough.
- 70% of families say that if the main breadwinner died, they would have trouble paying the bills within a month or two.
- LIMRA estimates that the unmet life insurance need in the US is over $15 trillion.
Survey participants overwhelmingly favored one reason for doing without life insurance coverage: cost. However, most participants estimated the cost at three times the actual price of a policy. An independent agent here in Vermont can compare many policies that work with your budget and life situation, and find the most affordable quotes on the coverage you need.
Life Insurance in Vermont
Residents of the state of Vermont tend to live long, full lives. The town of Burlington, VT, boasts one of the lowest obesity rates in the nation. Vermont's average life expectancy aligns almost perfectly with U.S. averages, at 76 for men, and 80 for women. As with much of the U.S., top causes of death include traffic accidents, heart or lung disease, diabetes, various types of cancer, and accidents.
Whether you live a long, healthy life, or find your time tragically cut short, life insurance can help. Even if you do not have children, you may have a spouse, an ailing parent, or someone else who relies on you for financial support. A life insurance policy is designed to allow your loved ones continue their current standard of living after you are gone. It can enable your spouse to pay off the mortgage, send your children to college, and care for your parents in their advanced age. If you live long past retirement, and no longer need to support anyone, whole or universal life policies can be converted to cash or an annuity, to fund your golden years.
Term Life Insurance
If you are concerned about the cost of life insurance, as most Americans are, you may want to check some quotes on term life insurance. Term life is the most affordable life insurance option for many people. According to LIMRA, an average, healthy 30-year-old can often get a $250,000 policy for a 20-year term, at a rate of around $150 per year. Term life can last for 10-30 years, depending on the policy, and pays a simple death benefit if you pass away during the term.
This is a great choice as an extra policy for young families, with children still in the house or in college. It covers the years when you have many loved ones depending on your income. Ideally, by the time it expires, your home is nearly paid off, and your children are financially independent.
The downside of term life is that it can be expensive to renew after the expiration of the term, especially if you have become chronically ill, or have reached middle age. The older and less healthy you are, the more costly term life insurance can be. For this reason, it is a wise choice to lock in a low rate on a permanent life insurance policy now, rather than when you are older.
Permanent Life Insurance
The best time to get quotes on permanent life insurance is usually now. Unlike term life insurance, permanent life policies last for the rest of your life, or until age 100 in some cases. Once you purchase a permanent life policy, your rate can be locked in for the remainder of your lifetime, no matter how your health changes. The younger and healthier you are, the lower your permanent rate can be. There are many forms of permanent life insurance, but these two are the most popular:
- Whole life: This is a permanent life policy that offers a death benefit, like term life. But it also offers a savings component, which can allow you to cash out your policy, if necessary, or to borrow against your accrued cash value. Your rate is often guaranteed to remain the same, as long as you continue to pay.
- Universal life: This permanent life insurance is a bit more flexible than whole life insurance. It allows for more aggressive investment of your accrued cash value, and also offers flexible rates. It can usually be cashed out if necessary, or paid out as a retirement annuity later in life.
How Much Does a Life Insurance Quote Cost in Vermont?
Life insurance can be tricky. Once you figure out the type of policy you want, contact an agent is simple. Be prepared to answer some questions before getting your quote, however. Just a few of the questions your agent may ask will be:
- Your age
- Your parent's age, health concerns, etc.
- Your type of work
- Your driving record
- Drug use/tobacco use
- Previous surgeries
- Known medical condition
- Family members, children
- Preferred coverage type
- Preferred coverage amount
All of these, including additional factors, are taken into account when determining your life insurance quote while residing in Vermont. When getting a quote, be sure to ask about available discounts, such as multi-policy discount, educator discount, new customer discount, military discount, and many others.
Get the Best Price on the Right Policy
You may need one, or several types of life insurance to adequately cover your family's future, and your own retirement years. If you are not certain how much coverage you need, or have questions about quotes you find online, a local agent can be a great source of answers and help.
Agents in the Trusted Choice® network are independent, which means they can access many different insurance companies, to find the one that offers the policy and price you need. A local agent can do the comparison shopping quickly and thoroughly, so that you can feel confident you have the best quotes possible for your family.
Contact a Trusted Choice agent, right here in Vermont, to get the life insurance help you need today.