Individual Life Products in Charlotte, NC and Matthews, NC

REASSURANCE FOR YOU AND YOUR LOVED ONES

Many individuals consider life insurance to be the cornerstone of a sound financial plan. And while no one likes to think about passing on, life insurance can relieve you of the financial worry your loved ones may face in the event of your passing.

Your beneficiaries will be able to use your life insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage.

At J M Hamilton & Associates, we know that choosing a life insurance plan is a big decision with many important factors to consider. Our knowledgeable team of insurance professionals are committed to walking you through the process and providing you with the best insurance solution to give you and your family the reassurance they deserve.

If your life insurance benefits are adequate, the money will help your family take care of some of your uncovered final expenses and provide them with long-term monetary assistance. 

Common Life Insurance Questions

 

How Does Life Insurance Work?  

Life insurance guarantees that your loved ones will be financially secure and cared for when you aren’t there to do so. 

A life insurance policy guarantees that a sum of money, or death benefit, will be provided to a surviving beneficiary upon your death. The money you designate varies depending on the policy you have and the amount of coverage you choose. Still, the settlement will help your family stay afloat and allow them to recover from your loss. They might use the money to pay off debts, cover a mortgage, fund a child’s education or meet any number of other obligations. 

What Is Whole Life Insurance vs. Term Life Insurance?

There are two primary types of life insurance:

Term Life Insurance: A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the policy's expiration date. If you do not die during this time, the policy does not pay and will expire when the term ends. You will also have to reapply for a new policy if you want to continue to have coverage.  

Whole Life Insurance: Whole life policies last for the remainder of your life once you enroll. They will not expire unless you stop paying for them. Additionally, these plans offer cash value investment opportunities. The cash value component can enable you to receive a source of income during your lifetime (in addition to the eventual death benefit).  

Types of Individual Life Insurance

J M Hamilton & Associates offers several different coverage options for your consideration including term life and whole life insurance.

Term Life – This is typically the simplest and least expensive insurance option. Term life insurance provides coverage at a fixed rate for a specified period of time. It’s a benefit policy that’s used primarily to cover financial responsibilities of the insured, with the benefit to be paid only if the insured were to die during the specified term. Most term life policies can be converted to a more permanent insurance solution such as whole life or universal life insurance.  

There are two types of term life insurance:

• Annual Renewable Term is purchased for a period of one year, with the death benefit to be paid only if the insured were to die during that one-year term, along with the option to renew after the term period.
• Level Term Life guarantees a fixed premium for a given period of time, usually in terms of 10, 15, 20, or 30 years. Your premium is based on your age and coverage options, with longer terms being more expensive.

Whole Life – As the most common type of permanent insurance, a whole life policy guarantees a death benefit for the lifetime of the insured as well as a cash value account for savings. Your premium remains constant throughout the duration of policy while payments over and above your premium are credited to your savings, which earn a fixed rate of interest.

How Much Life Insurance Do I Need?  

The amount of life insurance you need is entirely up to you. For example:  

If you want a policy to help pay for a child’s college education, then a 20-year term policy might be best for you. You can let the policy terminate at the end of the term, but you can rest assured that if you do die before your child graduates college, this policy will pay for their tuition and other expenses.  

Many people tie the value of their life insurance policies to the value of their debts—mortgages, car payments, etc. If you die while these debts are outstanding, your beneficiary can use the money to settle expenses.  

Some people tie the benefit to their income and leave a certain number of years’ worth to their survivors' paycheck. So, if you were to take your current paycheck and multiply it by ten, then your death benefit will provide ten years’ worth of income to your family.  

Essentially, you get to choose your death benefit, and our agents will provide continuous assistance in selecting the proper amount. 

How Much Does Life Insurance Cost?  

Depending on aspects such as age, income and chosen coverage, your life insurance premium can vary. A common concern is that people worry about the affordability of life insurance, whether it’s because they have a pre-existing health condition or face other risk factors. 

J M Hamilton & Associates is here for you

There are many things to take into account when purchasing life insurance, and changes in your life situation can reflect changes in your insurance requirements. That’s why it’s important to carefully consider the different policy options and ensure that you have the right solution to meet your long-term life insurance needs.

An insurance specialist with J M Hamilton & Associates will review your current life insurance situation and help you design a policy to plan for the future.
At the end of the day, one of the biggest investments you can make is an investment in yourself.

As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.

NFW-7748AO (02/18)