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6835 Jordan Road
Ramseur, NC 27316

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Life Insurance in North Carolina

In the state of North Carolina, life insurance isn't mandatory, but it's good to have for different reasons. If you're looking for new life insurance coverage in North Carolina, you have a few options. Here are the facts you need to know about life insurance coverage in North Carolina.

Life Insurance Options

There are a variety of life insurance options, and they are not created equally. The two categories of life insurance are term and permanent. Term life insurance provides coverage for a certain amount of time. Permanent life insurance provides coverage for the course of your life.

Both term and permanent life insurance options offer death benefit privileges. Death benefits are the amount of money paid to the person's designated on the life insurance policy, known as the beneficiaries.

Types of Term Life Insurance

The three types of term life insurance are:

  • Level
  • Increasing
  • Decreasing

With level term life insurance, the features of the death benefit remain the same during the policy, and the premiums stay the same. Increasing term life insurance features a death benefit that increases at specified intervals by specific amounts. As the death benefit increases, the premium also increases. Decreasing term life insurance features a death benefit that occasionally decreases according to the policy guidelines. The premium will stay the same throughout the term of the policy.

Types of Permanent Life Insurance

Available permanent life insurance policies are:

  • Traditional whole life
  • Universal life
  • Variable life

Traditional whole life insurance is also referred to as normal life or permanent life insurance. Traditional whole life insurance covers you as long as you pay your premiums. Universal permanent life insurance, also known as flexible premium adjustable life, offers more flexibility than traditional whole life plans. The premium payments for universal permanent life insurance can vary, such as premium payments increasing, decreasing, or being skipped as long as the accumulated value of the policy is enough to keep the life insurance policy active. Variable premium life insurance allows you to choose the way you want to invest the money from your policy's accumulated total.

Here at Allen Insurance Agency, we're here to help you find your ideal insurance policy in North Carolina. Contact us in Ramseur, NC today to learn more about your insurance options. We're always happy to help.


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