Life Insurance, Lexington, NC

Life insurance is a crucial investment for safeguarding your loved ones in the event of unexpected circumstances. When it comes to life insurance policies, there are two primary types: term insurance and permanent insurance.

Life Insurance in Lexington, North Carolina

We can help you find the right life insurance for your needs.

Life is unpredictable, which is why investing in life insurance is essential if you want to protect your loved ones in the case of unforeseen events. In general, there are two categories of life insurance policies: term insurance and permanent. Within the permanent category are many life insurance options, all of which our team at Moser Insurance Group, Inc. can assist with. In the meantime, the information below provides you with a summary of each type.

Whole Life Insurance

Whole life insurance guarantees coverage for the entirety of the insured person’s life, as long as the premiums are paid. In the event that the insured person passes away, the beneficiary receives the death benefit. In addition, whole life insurance policies have a cash value component that increases with time. This cash value can be accessed through loans or withdrawals.

Universal Life Insurance

In comparison to whole life insurance, universal life insurance provides more flexibility. Policyholders can modify the death benefit and premiums of universal life insurance over time to suit their needs. In addition, a universal life insurance policy also has a cash value that increases over time and is available for loans or withdrawals.

Variable Life Insurance

Variable life insurance is a third type of permanent insurance that includes the option of sub-accounts for the death benefit and cash value. Variable life insurance policyholders can switch between sub-accounts to efficiently manage their investments, and the performance of these sub-accounts directly affects the cash value of the policy. This means that a variable life insurance policy may have a higher potential for growth but also carries risks that other types might not have.

Several life insurance policy options cater to different needs and financial objectives. Consulting with a licensed insurance professional is essential to determine the most suitable policy type for your circumstances.

There isn’t a one-size-fits-all answer to determine which type of life insurance is superior.

Finding the right insurance for you is key, which means finding a reliable and skilled team. If you’re in the Lexington, North Carolina area, reach out to our team today to see how we can assist you with your life insurance needs.

At Moser Insurance Group, Inc., we help customers find life insurance plans in Greensboro, Jamestown, Burlington, Lexington, High Point, Winston-Salem, Archdale, Trinity, Asheboro, Randleman, Raleigh, and Charlotte, North Carolina.

10 FAQs for Life Insurance

What is the purpose of life insurance?

Life insurance is designed to provide financial protection for your loved ones in the event of your death. It ensures that your beneficiaries receive a death benefit, which can help replace lost income, cover funeral expenses, pay off debts, and maintain their financial stability.

What are the two primary types of life insurance?

The two primary types of life insurance are term insurance and permanent insurance.

What is term insurance?

Term insurance provides coverage for a specified term or duration, such as 10, 20, or 30 years. If the insured person passes away during the term, the policy pays out a death benefit. Term insurance is suitable for temporary needs, such as providing income replacement during working years or covering specific financial obligations like mortgage payments.

What is permanent insurance?

Permanent insurance offers lifelong coverage as long as premiums are paid and no withdrawals or loans are taken against the policy. It includes a cash value component that grows over time. Permanent insurance is designed for long-term needs and can provide benefits beyond the death benefit, such as accumulation of cash value and potential tax advantages.

What is whole life insurance?

Whole life insurance is a type of permanent life insurance that provides coverage for the insured person’s entire life. Premiums are typically level and fixed, and the policy accumulates cash value over time. Whole life insurance offers a guaranteed death benefit and provides stability and long-term coverage.

What is universal life insurance?

Universal life insurance is another type of permanent life insurance that offers greater flexibility than whole life insurance. It allows policyholders to adjust premiums and death benefits to adapt to changing financial needs. Universal life insurance policies also have a cash value component that can grow over time and be accessed through loans or withdrawals.

What is variable life insurance?

Variable life insurance is a type of permanent life insurance that allows policyholders to allocate their premiums to various investment sub-accounts, such as mutual funds. The cash value component of the policy can fluctuate based on the performance of these investments. Variable life insurance offers potential growth but also involves more risk compared to other types of life insurance.

How do I choose the right type of life insurance for me?

Choosing the right type of life insurance depends on your unique situation, financial goals, and needs. It’s important to consult with a licensed insurance professional who can assess your circumstances and provide personalized recommendations.

What factors should I consider when determining the coverage amount?

When determining the coverage amount, consider factors such as your income, outstanding debts, future financial obligations (e.g., mortgage, education expenses), and the financial needs of your beneficiaries. A licensed insurance professional can help you evaluate these factors and determine an appropriate coverage amount.

How can I get started with life insurance?

To get started with life insurance, contact Moser Insurance Group today. Our experienced team will guide you through the process, assess your needs, and help you select the most suitable coverage amount and type of life insurance. Schedule a no-pressure call to discuss your options and find the best insurance solution for you.

Your peace of mind is our priority.

Speak with a professional today.

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