Purchasing Life Insurance in New Hampshire

Provide financial stability for your family after you’re gone

Why do you need life insurance in New Hampshire?

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Life insurance – it’s one of the most thoughtful gifts you can give your family as you prepare for the future. Unfortunately, more than half of Americans don’t think they have enough life insurance, and another third have no life insurance at all.

Our New Hampshire life insurance agency wants to change that. We give local families peace of mind through comprehensive, affordable policies that meet their needs. Let us find the best life insurance policy for you.

Deciding whether or not you need a life insurance policy is challenging – but the Colby Group team is here to help. We’ll walk through the pros and cons of your different life insurance options; we’ll explain how life insurance provides financial protection for your family’s future.

There are several reasons to choose life insurance in New Hampshire:

  • You want to leave your family an inheritance after you pass away.
  • You have outstanding debts and expenses that would fall on those you love.
  • You have multiple dependents (or even one) that rely solely on your income.

Talking with life insurance agent can help you formulate a plan to establish financial stability for your family. Securing a life insurance policy is a key component to providing a comfortable, safe life for those you leave behind after death. But which kind of insurance do you need? There are several different Life insurance policies to choose from.

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Providing for Your Family

Risk Factor

Raising a child is a rewarding and important life experience. It is also very expensive. The average cost of raising a child, born in 2013, to age 18 is more than $300,000. If you were to die tomorrow, would your spouse be able to provide food, clothes, daycare, and eventually college tuition for your child? In 2013, the average cost of tuition, fees, room and board for a private college was $41,412 per year.

Solution

Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there would be enough income to help pay for everything your child could need while growing up.

Mortgage Payments

Risk Factor

After your death, any outstanding debt and financial obligations do not disappear. Your home is probably the costliest and most significant property you own. A mortgage payment is a large burden for a widow or widower to carry.

Solution

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home and car(s).

Auto Payments

Risk Factor

Many families lease or finance their automobiles these days. If the primary earner in the family were to die, the family could be left with outstanding car payments for years to come.

Solution

A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).

Funeral Costs

Risk Factor

The average funeral costs about $10,000. That high price is for standard things, not unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that stress?

Solution

A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.

Protecting Your Retirement Savings

Risk Factor

Once you retire, you will be living off social security, and if you are lucky to have them, a pension or retirement fund, too. But what if the surviving spouse has been relying on you to fund retirement for the couple? Premature death of an earner can affect sources of retirement benefits such as Social Security benefits.

Solution

Life insurance can help support a surviving spouse during his or her retirement.

Protecting Your Small Business

Risk Factor

If you passed away, would your business suffer? There are many complications and financial issues that can arise due to the death of a business owner. Many people overlook this predicament.

Solution

A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.

Spousal Support / Income Replacement

Risk Factor

Many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone.

Solution

Life insurance can replace the income you would usually bring in and help support your spouse or adult children. Keeping your loved ones living in the way they are accustomed to is an important thing to think about.

Term Life Insurance

Term life insurance is finite. It provides coverage for a certain amount of time, often in ten or twenty-year increments. New Hampshire residents usually choose term policies because they are simple and cost-effective, but also because they don’t anticipate needing life insurance forever.

There are supplemental insurance policies that can be tacked on to term life insurance coverage. For example, you can add “critical illness insurance” for a set period of time to cover the chance of you suffering a heart attack, stroke, cancer, or other medical emergencies.

Permanent Life Insurance

Permanent life insurance is just what it sounds like. It is a general term for insurance policies that do not expire. This includes “accidental death insurance” and “whole life insurance,” which would help replace your family’s income, help with educational needs, and provide a safety net for your family in the event of your death.

These permanent policies, unlike term policies, build cash value over time that is tax-free. A whole life insurance policy will offer coverage for the entire lifetime of the insured individual, and its savings will continually grow at the agreed-upon rate.

If you are not sure what kind of policy you need to protect your family, talk to a local life insurance company in New Hampshire such as Colby Insurance Group. We’ll provide you with a life insurance quote, as well as guidance toward the best policy for your financial wellness goals.

New Hampshire Life Insurance Rules and Regulations

Life insurance laws are different in every state. When it comes to life insurance in New Hampshire, there are specific rules and regulations regarding payouts, cash value, timing, and more.

Free Look

You can “return” your life insurance New Hampshire policy for a full refund within 10 days of purchasing. This “free look” period is legally required and ensures that you can change your mind in that time frame with no fees or penalties from the insurance company.

Grace Period

In New Hampshire, the grace period starts at a minimum of 30 days. That means even if a premium payment on your life insurance is late, the insurance company cannot deny a claim if a death claim is filed within the grace period. Your family will have a month (30+ days) to seek a payout.

Guaranteed Payments

It doesn’t matter if your insurance company goes out of business or declares bankruptcy – the state of New Hampshire is legally required to ensure families receive life insurance payouts as necessary. However, there are limits to coverage in this situation – $300,000/person in death benefits and $100,00 total cash surrender.

Let’s talk about your New Hampshire Life Insurance needs and questions

Are you interested in talking with an agent about life insurance options? We’re ready to discuss your family’s specific requirements so that you’re informed and prepared for the future.

Give us a call today at 603-526-2451 to speak with an agent.

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