Provide financial stability for your family after you’re gone
Why do you need life insurance in New Hampshire?
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 purchase 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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Raising a child can be a rewarding life experience, but it is also very expensive. It costs hundreds of thousands of dollars to raise a child to age 18, with college tuition, fees, room, and board resulting in another potentially enormous expense. If you were to die tomorrow, would funds be available to provide for food, clothing, day care, and educational expenses for your child?
Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there could be enough income to help pay for everything your child might need while growing up.
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 spouse or partner to carry.
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.
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.
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).
An average funeral can cost tens of thousands of dollars, and that's without unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that stress?
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.
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.
Life insurance can help support a surviving spouse during their retirement.
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.
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.
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.
Life insurance can replace the income you would usually bring in and help support your spouse or adult children, ensuring your loved ones are able to maintain the lifestyle they're accustomed to.
Term Life Insurance – purchase protection for a specific dollar amount and specified amount of time.
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.
4 factors to help you determine the length of the term life insurance you should purchase
Term life insurance is available in many different terms. Use these questions to decide what length of term is right for you and your family.
- How long will your dependents need your income?
The length of a term life insurance policy greatly depends on the number of years your dependents will need an income. Determine how many years it will be until you officially have an empty nest.
- What are your future plans for your dependents?
Families have different plans for the support their dependents will need in the future. For example, do you have kids that you plan to put through college, or will they be independent at the age of 18?
- How close are you to receiving retirement benefits?
Every person has a different retirement plan in place. Sometimes, it’s difficult to look far into your future and determine your family’s future needs without you. It’s hard to do! However, with the help of your insurance agent and a financial advisor, you can assemble the puzzle pieces.
- What is the length of your major debt obligations?
Take a look at major, long-term debt such as your mortgage and other personal loans.
Term life insurance policies come is several term lengths such as 10, 15, 20 and even 30 years. Depending on the answers to the four questions above and with the help of a trusted insurance agent you are sure to find the right length for your term insurance policy.
Permanent Life Insurance – Your purchase covers you up until your death as long as you pay your premiums
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 and 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 are eligible for a refund for a limited time as a way to protect you from buyer’s remorse.
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.
Policy 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 – protection backed by the state.
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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