When you are considering which type of life insurance you want to get, you will need to choose between term life and whole life insurance policies. There are a few key differences between these two kinds of policies. You may find that one is better for your needs than the other. If you are in need of life insurance, give us a call today at AS Insurance Agency in Manchester, NH.
Term Life vs Whole Life: What You Need To Know About Life Insurance
Term life insurance has a major difference from whole life insurance policies. Term life is good for only a specific amount of time. It is set up for a specific number of years, and after that, the policy will expire. This isn’t the case with whole life policies. They stay in effect for the rest of your life as long as you keep on making the payments for the policy. When a term life policy expires, you have to apply for a new life insurance policy. With whole life, there is no expiration date, and you can keep the policy indefinitely. With a whole life policy, even the insurance company can’t cancel the policy if you are continuing to pay for it.
Another big difference is that whole life policies eventually build up a cash value. Policyholders can borrow against this amount if they should need to. Term life policies don’t have this. However, term life policies are less expensive than whole life policies. Because whole life policies continue into your old age, the cost of the premiums is higher. However, many people appreciate that the cash value is there if they should ever need to borrow it.
Get Your Life Insurance
When there are people who depend on you, it’s important to carry life insurance. Give us a call at AS Insurance Agency in Manchester, NH.
For many, getting a medical exam for a life insurance policy can be stressful and anxiety-inducing, but the exam doesn’t have to be scary. The professionals at AS Insurance Agency serving Manchester, NH can help you navigate this process with ease.
Underwriters require medical exams to determine the potential policy holders’ health. The healthier you are, the lower your premiums are likely to be.
During a medical exam to get life insurance, you will be asked to undergo at least two components of the exam, a verbal interview/evaluation and a physical exam. During the verbal evaluation, you’ll be asked a series of questions such as your medical history, your family medical history and details about your lifestyle.
The underwriter will want to know if you smoke, drink alcohol, use any recreational drugs, take any prescribed or over-the-counter medications regularly or if you engage in any activities that might make you more likely to have a shorter life expectancy. You’ll be asked if you have any underlying medical problems or pre-existing conditions such as diabetes, high blood pressure, high cholesterol or other chronic illnesses. You’ll also be asked to take a physical exam so that a physician can listen to your heartbeat and see for themselves if you have any noticeable ailments. You will also be asked to undergo bloodwork testing which will look for things like your cholesterol levels, blood sugar and bloodwork can also confirm that you are a non-smoker.
Before your exam, get plenty of rest, make sure you are hydrated and if you are a smoker, seriously consider quitting in order to make your odds of being insurable higher and your rates better!
Get in touch with AS Insurance Agency serving Manchester, NH to learn more about your life insurance options today.
In Manchester, NH, the agents of AS Insurance Agency encourages individuals to look into the benefits of a whole life policy, especially if they have a family to take care of. With a whole life policy, a policy can be purchased that will provide for every aspect of your family’s needs.
Pay Off Existing Debt
Whole life policies will provide enough money to pay off mortgages, car loans, and other financial obligations so that your family isn’t strapped with the extra debt that they may not be able to pay for others. When purchasing a policy, it’s important to know how much debt you have to ensure you are properly covered.
Covers Final Expenses
The main purpose of most life insurance policies is to cover an individual’s final expenses. This includes funeral, burial, and any other costs associated with their final services. Attorney fees and other expenses are also included. Paying for your final expenses is something your family shouldn’t have to worry about.
Provides Financial Security
Another primary benefit of whole life insurance is that it provides enough coverage to ensure that your family lives comfortably until they can get back on their feet. Without your income, their lifestyle would dramatically change. A whole lie policy ensures they will have what they need during a challenging time.
The agents of AS Insurance Agency have the answers Manchester, NH residents need when it comes to finding the perfect whole life policies. Choosing the right policy ensures that your family will have everything they need if the unthinkable should ever happen. Call and schedule an appointment as soon as you can to get the answers you need.