Although nobody likes to think about death, it’s an inevitable event. Because each day is a blessing, and we never know when our time will arrive, being prepared is always the best practice. With NH life insurance, you can have peace of mind that your loved ones are protected after you’re no longer able to care for them.
Obtaining life insurance in NH is often avoided because of the intimidation factor. However, having coverage is easier than you may think. Here at Brownell Insurance Center, we understand that multiple policies and options can be overwhelming – that’s why our team of experts is here to help.
In this article, we’re taking a look at the three major types of life insurance policies. Not only will you gain understandable knowledge about these policies, but we’ll also provide you with the pros and cons of each.
Term Insurance
One of the most commonly selected policies is term insurance. This type of insurance offers the most significant death protection of all life insurance policies with the smallest premium payments. Policies allow individuals to select a specified range of time in which they’d like coverage. Often, these policies provide coverage for 20 years. Term life insurance is only paid out if the covered individual becomes deceased during that specified period. Although this may sound like a gamble, term life provides peace of mind during the coverage period. Furthermore, many of these policies allow for renewable or conversion. By taking advantage of this feature, you’re able to establish a new term or switch from term to a different type of policy.
When you think of having coverage for a specific “term of time,” think of term life insurance.
Whole Life Insurance
The second most common option is whole life insurance. As the name implies, this type of policy covers you throughout your whole life. However, because you’re selecting a policy that involves a higher chance of a payout, the premium costs are greater. However, the premium doesn’t increase as you get older, and many policies provide a cash-out option.
When you think of having coverage for your entire lifetime, think of whole life insurance.
Endowment Insurance
The third kind of life insurance is endowment insurance. Technically speaking, endowment insurance gives you the least bang for your buck. This type of protection has the highest premium while offering the same coverage as a whole life policy. The one primary difference is that endowment insurance can be considered a way of saving. If the insured is to outlive the term of the policy, he or she can receive a lump sum at maturity.
NH Life Insurance with Brownell Insurance Center
Every lifestyle has different needs, especially when it comes to NH life insurance. While term insurance, whole life, and endowment insurance are the three most common policy types, they aren’t the only kinds. When venturing into the world of life insurance, be sure to contact our team for trusted, expert advice. It’s best to contact professionals to thoroughly examine which is best for you.