Life & Health Insurance

What Are the Primary Types of Life Insurance? 

Life insurance can provide critical financial assistance to family members following the death of a loved one. These policies can help those left behind manage various expenses, including outstanding medical bills, remaining debts and funeral costs. In addition, life insurance may help replace the deceased’s income. 

Although the exact details of these policies may vary, most life insurance is one of the following types: 

1. Term life insurance provides coverage for a predetermined amount of time. If an insured dies during this period, their beneficiaries can receive a payout. These policies may be more affordable than whole life insurance and suitable for parents with young children or parties with outstanding debts. 

2. Whole life insurance provides financial security throughout an insured’s entire life. While this type of coverage may include higher costs than term life insurance policies, they may also include various economic opportunities, including accruing cash value that can be used to reduce premiums, borrowed against or invested in stocks and bonds. 

How Much Life Insurance Do I Need at 60? 

Your life insurance needs are unique, and there’s no specific rule to determine how much coverage a person should carry at a certain point. When assessing your circumstances, consider those who rely on you (e.g., spouses and dependents) and outstanding debts. Consulting with a qualified insurance professional, such as those at Inspro Professionals of NC Inc., can help ensure you and your loved ones are adequately covered. 

How Many Life Insurance Policies Can I Have? 

There is typically no limit to the number of life insurance policies you can purchase and maintain. Having multiple forms of coverage may be wise, as different types of life insurance can provide varying benefits and investment potential. 

How Do Health Insurance Deductibles Work? 

Health insurance should also be considered an advisable investment to protect you and your family financially. These policies can provide critical financial assistance for various health care costs and may ensure you have access to preventive care and medical services needed to maintain wellness and recover from injuries and illnesses.  

One crucial component of your health insurance is its deductible, which establishes a minimum out-of-pocket amount you must pay before your policy will pay toward medical bills. In some cases, certain preventive services, such as vaccinations and regular checkups, may be omitted from your deductible-related requirements. 

How Much Health Insurance Do I Need? 

As is the case with life insurance, your health insurance needs are unique and should be thoroughly analyzed and regularly reassessed. When exploring your options, consider the unique circumstances of you and others you plan to insure (e.g., spouses and dependents), including location, age, lifestyle habits, preexisting conditions and budgetary preferences. 

Get the Right Coverage 

With over 35 years of experience serving the coverage needs of families, individuals and businesses, the dedicated team at Inspro Professionals of NC Inc. is well-equipped to help you understand life and health insurance. Contact us today to get started.