Life Insurance in Washington, NC
Life insurance is one of the most essential forms of insurance that exists in America. While planning for a time when you are no longer here can seem morbid, it is the only way that you can protect your loved ones from having immense debt left behind. Here at Coastal Insurance, we make sure that families in the Beaufort County region of North Carolina have policies in place that protect them from these terrible situations.
Death is a terrible thing as it is. Don’t add financial strain to the situation. Learn more about the different types of life insurance and how they can protect you below.
Term life insurance
The most common type of life insurance is term life insurance due to its flexibility and balance between affordability and protection. How it works is simple and straightforward. You buy a plan that lasts for a set amount of time, known as a term.
If you pass away anytime during this term, the payout is given to the beneficiary you choose. These policies can range in length from a few years to decades, and the price depends on the age of the person and their health.
Whole life insurance
Whole life insurance is more complex, but also something that you don’t need to worry about renewing. It is considered a permanent plan as you buy it once and it never expires. The death benefit is in the form of a tax-deferred savings account that is included in the original policy. Each month, a certain amount of the premium you pay is added into the cash value of the savings account, adding value as time goes on. It can cost more money overall but is the right solution for certain people who want the flexibility of the savings account and the feature of never having to renew it.
