Rhode Island Life Insurance
Find the right life insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
There are lots of reasons that families love to live in Rhode Island. The bustling cities of Providence and Warwick provide nighttime entertainment, and if you need to relax in the country, it's just outside the city limits. Rhode Island culture offers residents a fulfilling life. You can ensure your family continues to maintain their quality of life after you are gone with Rhode Island life insurance.
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Top Causes of Death
- Heart disease
- Cancer
- Stroke
- Chronic disease
- Accidents
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RI Death Rate Facts
The following statistics are based on population segments of 100,000 people:
- Motor vehicle death rate: 7.8
- Firearms death rate: 5.0
- Violent crime offenses: 256
- Life expectancy: 79 years
Who Needs Rhode Island Life Insurance?
The main purpose of Rhode Island life insurance is to provide for your family in the event of your death. While it’s not a subject most people wish to discuss, it’s essential to start your estate planning before it’s too late.
When trying to decide when to purchase insurance, look at your current circumstances. If you have dependents, it’s a wise idea to purchase life insurance, but that isn’t the only deciding factor. Even if other people don’t rely on you for security, you may still need a life insurance policy. Young individuals with a mortgage, or loads of student debt, can use life insurance to provide families with a way to handle final expenses. Premiums are generally much less expensive for the young.
Choosing the Right Coverage
Some life insurance products are very basic, and only offer a death benefit, while others include investment components and savings options with flexible rates and payouts. Even if you can’t afford the most comprehensive form of life insurance, basic coverage can be just as beneficial to those you leave behind. An agent can compare Rhode Island life insurance quotes to find the best policy for your budget.
What Is Term Life Insurance?
This is a basic life insurance policy that will pay a death benefit to your family if you die during the coverage period. Coverage terms typically range anywhere from 5 to 30 years, and premiums are reasonably priced. You also have the advantage of set rates during the entire term, which are partly determined by the amount of coverage you purchase. Death benefits are available ranging up to the multi-million dollar range. You can usually renew your policy at the end of each term.
The disadvantage to this affordable option is that once the term ends, it can be much more expensive to renew. The older you are, the more pricey your coverage becomes. If you only need the coverage for the thirty years when your children are growing up and heading off to college, this can be a good choice. But if you would like to continue your coverage into your golden years, when risks are higher, it may be better to lock in a low rate now, while you are young, with a permanent life insurance policy.
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What Is Permanent Life Insurance?
Instead of purchasing a policy for a certain amount of time, this coverage extends to the end of your life. This is a flexible plan that comes with investment options, but it can be more expensive than term life. Your family will still receive death benefits in the amount of your choice, but they may also receive an added bonus, depending on which type of policy you choose.
- Whole life insurance – This option comes with a cash account that accrues value over the life of the policy. Premiums are set at a standard rate but the cash also accrues at a predictable pace. This is considered a low risk option.
- Universal life insurance – This option also has a cash account that gains value but it’s more volatile, as the rate of return and premium amounts shift with market trends. You can also take out loans for large purchases, or arrange the payout as a retirement annuity.
Get the Rhode Island Life Insurance You Need
It’s always helpful to have a knowledgeable guide on your search for the best life insurance policy. The independent agents in the Trusted Choice® network can shop dozens of providers, to find the best coverage for your family at the best price. To get the Rhode Island life insurance quotes you need, contact a local agent today.