Those living in the Nashville, NC area will have various personal insurance needs. One form of coverage all people here need to get is a life insurance policy. This is a unique form of coverage that can be used to provide support for others if you were to pass away as well as other advantages. There are various benefits that come with having this coverage, which you should be aware of.
Why Life Insurance?
Provide Peace of Mind
One of the reasons for having a life insurance policy is for peace of mind. If there are people in your life that you care about, you will want to know that they have financial support in all situations. With a life insurance policy, you can be assured that you will have financial resources if you were to pass away. This can offer comfort and peace of mind in these situations.
Receive Investment Benefits
The use of life insurance can also help you build a more diversified investment portfolio. Through whole life insurance, you can build more liquid assets that will earn a consistent rate of return with little risk. When you get this coverage, some of your payments build into an account. Over time, these funds in the account will add up, and you can take a withdrawal or use the proceeds to post collateral.
Give Us A Call
If you are in the Nashville, NC area, you will likely find that having life insurance is a good idea. When you are ready to start shopping for coverage, it can be smart to call the Steiner Insurance Group. Our team of experts at the Steiner Insurance Group can offer the help you need to fully evaluate all of your options and build a policy that provides the coverage you need and want.
According to research, most people don’t have nearly enough life insurance. About 65% of American adults say they would feel the financial pinch if they lost a primary wage earner (source). If you’re among the majority of people who need more life insurance, the next step is to decide which type is best for you.
Here’s a rundown of the most common types of life insurance policies to help you make the right decision for your needs:
Term Life Insurance
Term life insurance is the most basic and straightforward type of policy. It provides coverage for a specific period, typically between five and 30 years. If you die during that term, your beneficiaries will receive a death benefit. If you’re still alive when the term expires, the policy will end, and you won’t get anything back.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that remains in force for your entire life, provided you continue to pay the premiums. It also generally has a savings component that builds cash value over time. You can use that cash value to help pay premiums or for other purposes, such as supplemental retirement income.
Universal Life Insurance
Universal life insurance is another type of permanent life insurance. Like whole life, it remains in force for your entire life as long as you continue to pay the premiums. But universal life has more flexibility than whole life, allowing you to adjust your premium payments and death benefit up or down as your needs change.
Variable Life Insurance
Variable life insurance is a type of permanent life insurance that offers death benefit protection and a savings component with investment options. When you get this type of policy from Steiner Insurance Group in Nashville, NC the cash value of your policy can go up or down depending on how the investments perform.
Give Us A Call
No one type of life insurance is best for everyone. The best policy for you’ll depend on your specific needs and circumstances. Steiner Insurance Group can help you evaluate your options and choose the right life insurance policy for you. Contact our office in Nashville, NC to get started.
Life Insurance with Savings or Investment Account
When you consider purchasing life insurance from Steiner Insurance Group serving Nashville, NC, you have many choices beyond the typical whole life or term life insurance policy. You might consider a policy with a cash value account in addition to the death benefit.
What is a cash value account life insurance policy?
The term life insurance with a cash value account refers to a life insurance policy that provides both a death benefit to the purchaser’s beneficiary and a savings account that ties to either an investment account or a money market account. It can be either a whole life policy or a term life policy, although the whole life option proves more common.
Each month, when you pay your premiums, a portion of the premium goes into your savings after your policy premium gets paid. This amount is pre-tax, so you don’t pay taxes on it. It remains untaxed until you withdraw from the account, or you pass away.
Benefits of Cash Value Account
This helps you save money while you save money. When you die, if you have money remaining in the cash value account and the policy type pays it to the beneficiary, they will pay taxes on it only if your total estate exceeds the amount deemed taxable by the Internal Revenue Service. They’ll pay estate tax on their inheritance if your total estate value exceeds $11.58 million.
Some cash value savings accounts give you the option of investing the funds, sometimes with a guaranteed minimum payout, other times, tied to an index fund. Either way, you save pre-tax and earn money from your savings.
Contact Steiner Insurance Group serving Nashville, NC to learn more about this valuable life insurance policy. Let us help you protect your family’s financial future with life insurance.
Life insurance is a complex and vital type of coverage, one that will help your family after you pass and keep them financially secure for years to come. At Steiner Insurance Group, we can serve the Nashville, NC area with high-quality policies that make sense for you and which will be easy to integrate into your budget.
Term Life Insurance May Be a Good Choice
While you can get either term or whole life insurance, you might find a specific period a good option. A term life insurance policy is set up for a particular number of years. For instance, you could set it for 30 years, after which your policy would lapse. If you’re already in your 50s or 60s, that kind of life insurance policy is likely what you need.
Calculating Your Needs Can Be Easy
How do you know what type of coverage level you need? First, just remember the anagram DIME or debt, income, mortgage, and education. Then, consider all of these factors and balance them against your family’s needs and what coverage level is likely available for you as a homeowner.
Consider Adding a Few Beneficiaries
When you add multiple beneficiaries to your life insurance policy, you help make sure that your policy pays out. For example, if both are still alive when you pass, the money is split depending on how you set up your policy. If one dies before the other, the surviving member gets the cash.
Taking Care of Your Insurance Needs
If you believe that you need life insurance and the facts above are easy enough for you to understand with little difficulty, you should probably reach out to us at Steiner Insurance Group to learn more. We serve the Nashville, NC area and can provide high-quality policies that make sense for you.
One of the main types of life insurance is the whole life insurance policy. This type works much differently than a term life policy. If you are interested in life insurance to protect the financial future of you and your family, call us at Steiner Insurance Group in Nashville, NC to make an appointment with an agent.
Your Whole Life
The name of this policy type describes why it is such a popular option for life insurance. Once you start this type of policy and keep making your payments as agreed upon, the policy is in effect for the rest of your life. No matter your age, the insurance company can’t cancel this policy as long as you are paying your premiums. With some other types of life insurance, the insurance may expire at a certain age and then require you to get another policy that costs more because you’ve gotten older. With whole life, you never have to worry about this.
Building a Cash Value
A whole life policy comes with a cash value that is built up over the years. It is a portion of the profit from the policy that the insurance company has earned. With this cash value in place, you can borrow against it when you need to. Many people use this option when they have an emergency financial situation and need fast cash. The amount that you borrow is deducted from the policy’s death benefit until the loan is paid back.
If you want to know more about these policies and are in the Nashville, NC area, call Steiner Insurance Group. Schedule an appointment to talk about how much life insurance you and your family need.
When it comes to purchasing life insurance, you don’t want to procrastinate. Neglecting to buy life insurance when you need it can compromise the financial security of your family.
If you’re interested in a life insurance policy from Steiner Insurance Group in Nashville, NC, you shouldn’t waste any time before purchasing a policy. The following are three critical reasons why you need to purchase life insurance right now.
You never know when a serious accident can happen.
You may be a very healthy person. However, many possible incidents could result in an unexpected death that has nothing to do with an individual’s health. One prime example is automobile accidents. It is critical to prepare for the unexpected by purchasing life insurance right away.
You’ll enjoy more peace of mind knowing that your family is financially protected.
It is stressful worrying about your family’s financial future. If you find the right life insurance policy, you know that your dependents will be provided for regardless of what happens to you.
Don’t wait to purchase life insurance so that you can benefit from the peace of mind that this important financial product provides right away.
You may get lower premiums if you purchase a policy when you’re younger.
If you wait a few years to purchase a life insurance policy, your premiums will probably be more expensive as a result. The younger you are when you purchase your policy, the less expensive you can inspect your life insurance policy to be.
Would you like to learn more about life insurance options with Steiner Insurance Group? We offer life insurance policies to those residing in the Nashville, NC area. Get in touch with us if you have questions and inquiries.