Life Insurance in New Hampshire
No one likes to think about death, but should tragedy strike, life insurance can help New Hampshire residents financially cope.
What is life insurance?
Life insurance policies generally provide payments when a policyholder passes. It's the one insurance you probably don't want to collect on, but is necessary to provide financial stability to those you care about.
Who in New Hampshire should have life insurance?
New Hampshire residents should consider life insurance if their death would cause financial hardship for others. Spouses, parents, caregivers, business partners, and even children might consider coverage.
People don't always consider the financial cost of a caregiver's or child's passing, but both can strain finances during a difficult time. A caregiver's passing would likely mean that childcare costs would increase for any kids in the family. A child's passing would result in funeral costs that can reach thousands of dollars.
Policies are available with a payout from a few thousand dollars to millions. In addition, the many different coverage amounts available make it possible to customize coverage and pricing to meet both needs.
How are term life policies and whole life policies different?
Life coverage is available through both term life policies and whole life policies. While both types of policies generally provide financial payment for covered causes of death, there are fundamental differences between the two options.
Term life policies are so-named because they're intended to provide coverage for a specified term, say 10 to 30 years. Should the insured pass away, the coverage amount would be paid, but only if it occurred within the policy's term.
Premiums for term policies tend to be lower and fixed for the duration of the policy. These policies primarily offer death benefits and don't usually come with a savings option. They are a good fit for someone who may need to ensure their spouse can remain in their home and their children can attend college. Once the mortgage is paid off and the kids are through college, life insurance may not be as critical.
Whole-life policies are so-named because they're intended to provide coverage for a policyholder's entire life.
Premiums for whole-life policies typically increase throughout the duration of the policy, but a savings mechanism is built to help manage the premium increases. In addition to paying premiums, policyholders also contribute to a savings program that should generate returns.
Once the premiums of a whole-life policy become high, the returns from the savings can usually pay most or all of the premium costs. But, at the same time, the policyholder normally still has a savings amount they can use.
What is cash-value whole-life coverage?
The savings built up within whole-life policies are called the policy's "cash value." Cash value generally indicates the amount of money that policyholders can withdraw from the policy, because of their savings.
Most reserve their policy's cash value for later life expenses or financial emergencies.
Can women purchase life policies when pregnant with a child?
Most insurance companies regularly underwrite life coverage for pregnant mothers. After all, many people first consider purchasing life coverage when they have a child.
Women who have a routine pregnancy without complications typically do not have an issue finding a term or whole-life policy.
An insurance agent specializing in life coverage can help pregnant women compare life policy options to see what they qualify for.
What amount of life coverage should people purchase?
How much life coverage should be purchased is a highly situational question. When selecting life policy limits, people often consider how much a policyholder earns, their financial obligations, and investment expectations.
Individuals should consult an experienced insurance agent and/or a financial advisor for guidance on how much life coverage they want.
Consider these imperative questions that loved ones would have to answer without you:
- How will the funeral be paid for?
- Will the mortgage get paid?
- Can the kids go to college?
- Are retirement plans derailed?
- Will my family's lifestyle have to change radically?
- Will there still be food on the table?
Consider a life insurance policy from HPM Insurance. A life insurance policy can mean life can go on financially for those you love.
Why Choose HPM Insurance
There are ads for life insurance everywhere. Of course, you can buy life insurance over the phone, internet, or by mail, but doesn't it make sense to have your insurance with a local agency in New Hampshire since 1860? We have five offices throughout the state: Amherst, Bedford, Bristol, Goffstown, and Laconia.
There are thousands of life insurance companies in the United States. Some are good, while others are not. So you need to be sure that the life insurance company you buy from today will be around when you need them.
During a crisis, please don't rely on an 800# to give your family the sympathy and support they need. Instead, please provide them with a name and face of someone who truly cares about them. At HPM Insurance, we are all residents of New Hampshire, so we are not just your agent but your neighbor.
As many different life insurance products are available, we will have our life insurance expert meet with you to ensure you get the best policy to fit your needs and budget.
Do not allow your family to flounder if you meet an untimely end. Instead, make them whole, so they can live the life you would have desired.
At HPM Insurance, we understand the importance of protection and the contentment of peace of mind. We have been providing it to the citizens of New Hampshire for generations.
