5 Types Of Life Insurance In Hingham And Meredith, NH

Posted by holbrookinsurance on July 17th, 2023

Protection of assets ensures utilizing their benefits to the maximum. Apart from tangible assets, it is health that is akin to wealth and much more. Protecting it against all kinds of hazards is vital, therefore. Besides, healthcare costs are rising exponentially across the nation. But even the best treatment fails to save individuals when time is up. Securing the future of the family, especially the dependents, is most important, therefore. Buying life insurance in Hingham and Meredith, NH, can enable one to save for the future most effectively.

A simple desire to invest in life insurance is not enough. There are various types of insurance policies available, making it mandatory to find a suitable one. There are options galore, and too many choices can become counterproductive ultimately. The best way to proceed when buying the best life insurance policy is to research the topic and weigh the pros and cons of each before making an informed decision.

It is interesting to note the following options available to the person hoping to be covered by life insurance:

1. Term Insurance

This type of insurance policy remains in force for a specific time as selected by the insured person. One can buy it for any period between 5 to 30 years. It provides a fixed benefit when the insured individual dies prematurely while the policy is active.

2. Whole Life

Also known as permanent life insurance, this policy remains active for the entire life. Apart from the death benefit, the insured person can have a cash value that builds over a period. This can be used to obtain loans or withdraw a part of the accumulated money.

3. Universal Life

This is also permanent life insurance but does not come with the same guarantees as traditional whole life insurance. While the policy remains in force for the lifetime, it also provides cash value that may not be calculated in the same manner as for whole life insurance. However, this policy is more affordable than traditional permanent insurance as the premium amount can be revised according to necessity.

4. Burial and Funeral

This policy is meant to pay funeral expenses after the insured individual dies. It is usually purchased by individuals who are in poor health with no existing life insurance policies.

5. Mortgage Life Insurance

This is a special type of insurance plan that covers the mortgage amount. The beneficiary is the mortgage lender, who will be paid the specified sum after the borrower's death. It usually remains in force for the entire duration of the mortgage.

Almost all insurance buyers feel the need to inquire about the best insurance policy. However, there is no best or worst to choose from. Instead, the right life insurance in Hingham and Meredith, NH, will depend upon specific requirements as well as the reason for purchasing an insurance plan. The young individuals find the term life beneficial, while the older generation opts for whole life insurance that helps to get a better return.