Life Insurance in Wilmington, NC

Whether you are close to retirement or are a student at UNC Wilmington or anything in between, it is never too early to start thinking about life insurance. Though the life expectancy in North Carolina is 78 years, it is worth noting that accidents are among the top 5 leading cause of early death in Wilmington.

When you are shopping for life insurance, local independent agents can help. These agents can answer your coverage-related questions and can help you compare policies and quotes from some of Wilmington’s best insurance providers. Contact an independent insurance agent near you to get started.

Is Life Insurance Required in Wilmington, NC?

No. The choice of whether or not to carry life insurance is entirely up to you.

If you have dependents, life insurance can ensure that they will be provided for in the sudden absence of your income or your role as a caregiver. If you are older and no longer have dependents, a policy can take a financial burden off your family by paying for estate settlements and burial costs.

Before making a decision about whether or not to buy life insurance, it is a good idea to learn about the benefits of having this coverage and how much a policy will cost you. That way, you can best determine whether it is a good choice for you and your family.

What Does Wilmington, NC Life Insurance Cover?

When you purchase a life insurance policy, you will need to designate a beneficiary. Your beneficiary is the person (or persons) who will receive funds if you pass away while your policy is in effect.

Beneficiaries can use these funds to pay for anything they want to. Depending on how large a policy you have, this money may be used to pay for things like:

• Estate settlements
• Funeral and burial costs
• Mortgage payments
• Childcare services
• College education for your children
• Charitable donations

Some policies can also be used as investment vehicles. This means that if you need money for an emergency or if you feel that life insurance is no longer necessary, you can borrow against the policy’s cash value or close the account and collect your accrued funds.

How Much Does Life Insurance Cost in Wilmington, NC?

Life insurance costs can vary significantly from one person to the next. This is because the cost of your policy is based on many factors. These can include:

• The amount of coverage you are buying
• The type of policy you have chosen
• Your age, gender, occupation, and health status
• Your family’s health history
• Whether or not you are a smoker

In most cases, you will be required to complete a health questionnaire. For some policies, you may also need to consent to a medical exam that includes blood work and a test for tobacco and illegal drug use before you can be approved for a policy or quoted an accurate cost.

What Are the Different Kinds of Life Insurance Wilmington, NC Residents Can Purchase?

When you purchase a life insurance policy, you need to select a policy type. There are two main types of life insurance coverage to choose from:

• Term Life Insurance
• Permanent Life Insurance

Under each of these broad coverage umbrellas you can have hybrid or customized policies, such as policies that will provide extra coverage for accidental death or dismemberment and policies that accrue value using mutual fund investments.

Term and permanent life insurance policies each have their own advantages and disadvantages, which will be explained in further detail below.

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What Are the Pros and Cons of Term Life Insurance?

Term life insurance policies are purchased for a given length of time (referred to as a “term”) Terms typically range between 5 and 30 years in duration. If you pass away while the term is in effect, funds in the amount of coverage that you purchased will be given to your beneficiaries.

Once the term is up, your policy will no longer be in effect and you will not have any coverage. Most people who buy term policies do so to have a lot of coverage during the years they need it most, such as while they are paying off a mortgage or are raising a family.

• Pros: Term life policies are the least expensive type of life insurance. These policies enable you to affordably carry a high amount of coverage during the years that you have people who are financially or otherwise dependent on you. (The cost of child care can be very expensive.)
• Cons: Term life policies leave you without life insurance coverage when the term runs out. At that time, depending on your age and health status, it may be very expensive, or even impossible, to purchase a new policy. Term policies do not accrue a cash value, so you cannot cancel the policy early and collect any return on your investment.

To learn more about term life insurance and to find out how affordable a large amount of coverage can be, you can talk to an independent insurance agent in Wilmington.

What Are the Pros and Cons of Permanent Life Insurance?

Permanent life insurance stays in effect for as long as you continue to pay your premiums. Under the permanent life insurance umbrella, you will find whole life insurance, universal life insurance, and some hybrid life insurance policies

These policies are much more expensive than term policies, but they do not expire, and they accrue a cash value over time that you can access if your life circumstances make it necessary.

• Pros: Permanent life insurance not only provides funds to your beneficiaries upon your death, but these policies can also serve as an investment vehicle because they carry a cash value. This means that if needed, you can borrow from your policy or close it out and collect its accrued value at any time.
• Cons: Whole life insurance is much more expensive than term life. However, because your cost for premiums can remain the same for your entire life, you are able to lock in a great rate by buying your policy while you are still young and healthy.

If you are interested in looking into a permanent life insurance policy, a local independent agent can explain the different types available to you so can choose the policy that best matches your current life situation and future expectations.

Which Type of Life Insurance is Right for Me?

The type of policy that works best for you depends on several factors, such as your current financial situation, your current and expected family and life considerations, and your personal preference.

You can request advice from an estate planner, a financial advisor, or a local independent insurance agent if you want help weighing out the pros and cons of each type of policy. That way, you can make an informed decision when making your selection.

In the end, there are no right or wrong answers regarding which type of policy is best for you. You should go with the choice that you feel the most comfortable with.

What Are the Best Insurance Companies in Wilmington, North Carolina?

The best life insurance companies in North Carolina are the ones that offer reliable coverage, excellent customer service, and affordable rates.

Independent insurance agents have built relationships with the area's top-rated companies so they can easily help you review a variety of policies and quotes from trustworthy insurance providers.

How Can an Independent Agent Help Me Find the Best Life Insurance in Wilmington, NC?

If you are ready to begin your search for an ideal life insurance policy, a local independent insurance agent can help. These agents are available to answer your insurance-related questions and can explain your many policy options in greater detail.

Best of all, consulting with an independent agent is free. Find an independent insurance agent in Wilmington to get more information and to start comparing customized life insurance quotes for different levels and types of coverage.