Provide financial stability for your family after you’re gone
Why do you need life insurance in New Hampshire?
An individual life insurance plan – 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. 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 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 different life insurance for individuals. 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 an individual life insurance policy provides 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 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?
Solution
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.
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 spouse or partner 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.
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
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?
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.
Solution
Life insurance can help support a surviving spouse during their 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, 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. These policies may work because policyholders don’t anticipate needing life insurance forever.
You can add supplemental insurance policies to term life insurance coverage. For example, you can add “critical illness insurance” for a set period. It covers you if you suffer a heart attack, stroke, cancer, or other medical emergencies. If you need a term life insurance quote, speak to a professional to find the most suitable option for your needs.
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. Planning your family’s future needs without you can be tough. With help from your insurance agent and financial advisor, you can piece it together. - 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. Based on your answers and guidance from a trusted insurance agent, you can find the right term length for your term insurance policy.
Still need help determining the length of time for your policy? A term life insurance broker can guide you through the process.
Permanent Life Insurance Policies – Your purchase covers you until your death as long as you pay your premiums
A permanent life insurance policy 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. It can help with educational needs and provide a safety net for your family in the event of your death.
These permanent life insurance 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. Its savings will continually grow at the agreed-upon rate. Of course, whole life insurance costs depend on age, coverage, health, and other factors.
Are you unsure what kind of individual life insurance policy you need to protect your family? Contact a local life insurance company in New Hampshire, like 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 individual 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 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. The law requires this “free look” period. It ensures 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. What happens if a life insurance premium payment is late? The insurance company can’t deny a death claim filed in 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 law requires the state of New Hampshire 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 to keep you informed and prepared for the future.
Give us a call today at 603-526-2451 to speak with an agent.
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