North Dakota Life Insurance
Your family deserves financial security. Ensure their future by purchasing a North Dakota life insurance policy. InsureMe takes the guesswork out of shopping for life insurance by providing you with up to five free quotes—so you know your family will be okay without you.
Show your loved ones how much you care. Simply give us a little information, and we'll find you life insurance to fit your unique needs—and theirs.
Who Needs Life Insurance?
North Dakota life insurance is essential in providing for your family when you cannot.
If you are the sole breadwinner or contribute a significant portion to your family's total earnings, it is time to consider purchasing North Dakota life insurance. Even if you are a stay-at-home spouse who provides child-care and maintains the home, you should get North Dakota life insurance to cover your replacement in the home.
Why Do I Need Life Insurance?
Life insurance is not about death—it's about securing the livelihood of those who must go onwithout you. It can offer support for unexpected legal, medical or funeral costs, in addition to supplementing the loss of your income.
How Much Should I Get?
Basically, North Dakota life insurance is intended to replace your salary until you retire.Take your pre-tax income and estimate how many years you have left until retirement. Or in the case that you are the stay-at-home spouse, estimate your economic value. How much would you have to pay an employee annually to maintain your home and/or care for your children? Check out this Life Insurance Calculator??for help.
Knowledge is Power
There is a lot to know about North Dakota life insurance. The more familiar you are with the types available to you, the more empowered you will be as a consumer.
The two main categories of North Dakota life insurance are term and permanent. However, within each category are several different types.
Term Life Insurance: Simple, flexible and potentially inexpensive, term life
insurance is ideal for young, growing families who have a large need for life insurance, but not always the financial means to pay the higher premiums of permanent whole or universal policies. Over time, this kind of North Dakota life insurance can become very expensive.
- Level Term: Premiums and coverage are fixed over a certain time period.
- Increasing/Decreasing Term: While premiums stay the same, the amount of coverage increases or decreases over a designated amount of time.
- Renewable Term: Your North Dakota term life insurance inevitably will increase as you age. However, your health status is less predictable, and a renewable term policy allows you to renew your policy without a medical examination.
- Convertible Term: This type of policy may work if you are planning to get permanent life insurance in the future. It allows you to convert your term policy into a permanent one after a certain amount of time.
- Group Term: This insurance is usually purchased by an employer and covers several people, so the premiums may be reduced.
Permanent (Cash Value) Life Insurance: The premiums for permanent life insurance are five to ten times as much as term life insurance. However, this type of policy will cover you over your lifetime and, depending on the type, may build cash value over time.
- Traditional Whole Life: If you pay the premiums, this policy won't expire. Many whole life policies have a cash value, or savings account. Part of your payment goes toward the cost of the insurance and the remainder is put in your cash value savings account. In essence, this type of North Dakota life insurance is intended to cover the cost of your health insurance as you age and the premiums increase.
- Universal Life Insurance: Characterized by its flexibility, universal life insurance allows you to determine your life insurance needs and adjust your death benefits and premium payments to suit them. Once money has accumulated in your savings account, you can opt to reduce or stop your premium payments. However, once the savings get used up, you have to begin paying again or risk losing your life insurance.
- Variable Life Insurance: This type of policy offers a savings account that you can invest in stocks, bonds and mutual funds. Your money grows more quickly than with whole or universal policies, but there is more risk. Many variable policies guarantee your death benefit won't fall below a minimum level.
- Variable Universal life Insurance: This type of North Dakota life insurance gives you the flexibility of the universal policy and the risk/reward characteristic of a variable policy.
The more information you have, the easier your decision is. So consider your options carefully.
North Dakota life insurance is a costly purchase that can greatly affect you and your family. But the burden doesn't have to rest solely on your shoulders. Let InsureMe help lighten your load by finding you up to five free insurance quotes.
Your family is counting on you. Get North Dakota life insurance today!
