North Dakota Life Insurance
"I pledge to…work diligently to safeguard consumer interests and…promote a competitive marketplace for consumers here in our great state."
—North Dakota Insurance Commissioner Jim Poolman
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Helpful Information about North Dakota Life Insurance
Many people agree that buying North Dakota life insurance is one of the most important financial moves they will ever make. Yet, due to its complexity, most don't know how to go about finding the protection they need.
InsureMe can help! We've matched thousands of consumers with the North Dakota life insurance agents who can get them exactly what they need—and we'd like to help you, too.
Just fill out our quote box to the right for up to five free quotes with absolutely no obligation.
Don't let a lack of understanding keep you from the North Dakota life insurance you need. Read on to gain the knowledge you need—and then let us help you with your life insurance purchase!
The Basics
Deciding what type and how much North Dakota life insurance you need is sometimes difficult. But learning the basics and how to apply them can make this complex decision much easier.
We've provided a few key terms to help you understand your choices in North Dakota life insurance. We hope this increases your understanding and helps you analyze your own life insurance needs.
Term insurance
The simplest form of North Dakota life insurance, this coverage is purchased for a specific price for a specified period of time. If you die while the policy is in effect, your beneficiary receives the policy's value. Renewing the policy at the end of the term may cause your premiums to go up. No investment component is involved.
Whole life insurance
You purchase whole life insurance to cover you during your "whole life," not during a set term, as with term insurance. Premiums remain level throughout the life of the policy, and your North Dakota life insurance company invests a portion of your premium payments. These investments can sometimes bring you considerable financial return.
Universal life insurance
Universal life insurance allows you to pay your North Dakota life insurance premiums, plus an amount you would like to invest. Your insurance company decides where to invest the surplus (generally bonds and mortgages), and it places your investment and returns into a cash-value account. You can then either use this account to pay your premiums, or you can allow it to build in value over time.
Variable life insurance
Similar to universal life, variable life insurance allows you to choose your own investments over and above your premium payments. This investment selection is usually more varied than with universal life, and often includes stocks. As with a universal policy, the return on your investment can pay for your North Dakota life insurance premiums, or can build cash value in the account.
Avoiding Common Mistakes
Now that you have a basic understand of your North Dakota life insurance options, we hope you'll avoid these seven most common purchasing mistakes:
- Not understanding that term life insurance is only temporary
- Choosing North Dakota term life simply because it's cheap
- Buying coverage based on a set formula (everyone's needs vary)
- Insuring young children (not necessary, as no one is depending on their income)
- Not doing your homework regarding an insurer's stability and service record
- Doing business with an agent you either don't like or don't trust—or both
- Failing to review your policy at least yearly, and with every major life change (marriage, birth, divorce, etc.)
Getting Answers to Your Questions
Next to InsureMe, a knowledgeable, licensed North Dakota life insurance agent can be your best resource for further questions or concerns about your life insurance purchase.
However, the North Dakota Insurance Department can also service your needs in this area, and they'd like your feedback! Contact their office toll free at 800-247-0560, or access their Web site at www.state.nd.us/ndins.
Moving Forward
Don't let a lack of understanding keep you from the North Dakota life insurance coverage you need.
Be proactive, get educated—and contact InsureMe now for your free North Dakota life insurance quotes!
