Best Life Insurance Companies in Durham

Frequently Asked Questions

• Why should Durham individuals purchase life insurance?

  Individuals in Durham must purchase life insurance to help them support their families' needs in case of income loss due to unexpected death. Life insurance can help them preserve family businesses, pay mortgage and household debts, and settle college or healthcare expenses. It also allowa individuals and families to establish an emergency fund and protect existing assets.

• If you are a first-time life insurance buyer in Durham, what should you do?

  If you are a first-time life insurance buyer, you must determine what type of coverage you need in Durham. You may choose between term and whole life insurance coverage for death benefit protection and cash value accumulation. You must also check with your insurance carrier and determine whether they process claims quickly.

• Who should be your life insurance beneficiary in Durham?

  Your life insurance beneficiary in Durham can be anyone you want to protect from monetary responsibilities in case you pass away. They can be people who depend on your financial expenses or will pay for your death expenses. Your primary beneficiary will be the one who will receive your death benefits and your second beneficiary can only receive death benefits if the first beneficiary is unable to do so.

• What is the difference between term and permanent life insurance in Durham?

  In Durham, term and permanent life insurance differ in their protection effectiveness. Term life insurance is set for a specific time, usually for 5, 10, 15, 20, and 30 years. Whereas permanent life insurance remains in effect for the rest of your life. Do note that there are three types of permanent life insurance: variable, universal, and whole life coverage.

• Is there another option if you think your traditional life insurance in Durham is not enough to cover your expenses when you retire?

  If you think your traditional life insurance in Durham is not enough to cover your expenses when you retire, you may purchase long-term car insurance. Most of the time, LTC insurance is purchased by individuals who need assistance with their daily living activities. This insurance can be used to pay nursing home, assisted living, and home care expenses.

• 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.