Best Life Insurance Companies in Concord

Frequently Asked Questions

• How often should a Concord life insurance policyholder review their policy?

  A Concord life insurance policyholder should review their policy at least once every year. This review is necessary to assess their current needs and update their plan accordingly. Major life changes also necessitate a policy review because these changes impact their needs significantly. Their insurance agent or representative may be able to assist them in this endeavor.

• Why should a Concord resident get life insurance?

  A Concord resident should get life insurance because it can be used to settle mortgage loans, replace one's lost income, fund college, and pay off inheritance and estate taxes, final expenses, and outstanding debts. Life insurance helps the family support dependents should the policyholder die unexpectedly.

• How much life insurance does a Concord resident need?

  The life insurance that a Concord resident needs depends on one’s goals and the family’s future costs., but the basic limit may be seven to 20 times the insured’s yearly salary, although this depends on personal circumstances. If the policyholder’s plan is to cover end-of-life costs only, then they may just get insurance for burial and funeral expenses. If the mortgage, school tuition, and other significant expenses need to be paid, a whole life or term policy may be appropriate.

• How does life insurance basically work for a Concord resident?

  A life insurance policy is a contractual agreement between the policyholder and the insurer. The former decides how much life insurance coverage they will purchase based on their needs and pays a premium to the latter to enforce the policy and keep it active. If the policyholder in Concord passes away with an active insurance plan, the insurance company pays the death benefit to the insured’s named beneficiary.

• What advantages does convertible life insurance give to Concord policyholders?

  Convertible life insurance provides Concord policyholders with affordable term policy protection, which they can change into permanent life insurance at a future time. A converted policy is based on their original health rating, and no health questions or medical exams are required, which may uncover new health problems. This allows flexibility to adapt one’s coverage to changing circumstances while maintaining lower premiums.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.