Choosing a term life insurance policy for yourself or your loved one in Hope Mills, NC gives you the opportunity to explore a wide variety of options. With a little help from one of our independent agents, you can easily find the right type of coverage from a variety of carriers at reasonable and competitive prices. When choosing your next life insurance plan, you may be asked which premium mode you’d prefer.
Premiums for term life insurance policies can be paid in monthly, quarterly, semi-annual or annual installments. These payment types are known as “premium modes” and, in most cases, you’ll be given an opportunity to choose one as you set up your life insurance coverage. The term is also used by some insurance providers to describe available payment options such as automatic electronic funds transfer, credit cards and checks.
Each premium mode has its own set of unique benefits and drawbacks. For instance, choosing an annual premium mode may not only be cheaper in the long run, but it also allows you to pay off the yearly amount in one go. Monthly and quarterly premium modes are usually more convenient, but they also come with a slightly higher cost when compared to annual and semi-annual modes. The more frequent the payment schedule, the more it’s likely to cost you over time.
Whichever premium mode you ultimately choose for your term life policy depends largely on your specific circumstances. It’s important to give us a call so that we can best help you find the right payment methods for your plan. You may also be able to find helpful discounts that bring down your payment amounts and benefit from the best policies available.
Finding the right life insurance plan for your needs and family may result in considering a whole life policy in Hope Mills, NC. Depending on your plans and concerns, traditional whole life policies that are appropriate for your needs can vary. Understanding the type of plans that are available can make it easier to select a policy when you are ready to buy life insurance.
A traditional whole life policy refers to the basic plan that carries forward as long as you make payments on your premium according to the details of your contract. It will not expire and your family is guaranteed to obtain the funds after you pass away.
In a traditional plan, many insurers may offer a clause that allows you to withdraw from coverage if your circumstances change or you are not able to pay the premium.
Universal life insurance policies are similar to a basic whole life plan, but it offers a little more flexibility when it comes to your payments and premium. The policy will still carry forward for your entire life and will pay out to your beneficiary when you pass away, but you have the opportunity to make changes to the plan, the amount that you will receive and even the premium that you pay. As a result, it is more flexible when unexpected life events occur. It allows you to limit the cost when times are tough so that you are not struggling to keep up with your policy.
Finding a policy that is appropriate for your goals and needs can be challenging. Contact us to today to talk to an agent for more details about your options and the type of life insurance plans that are available.
If your home in Hope Mills, NC is damage by a covered event, your home insurance is designed to help you make the required repairs. Your insurance deductible is the amount you pay out of your pocket for the repairs. You only need to pay this amount once per any event. The method for how it is paid depends on whether the company pays the contractor directly or reimburses you after the work is completed.
Direct Payment to a Contractor
In many cases, your insurance company will work directly with the contractor you have selected for the repairs. The first step is having the insurance company adjuster determine what the repairs should cost or what the company is willing to pay. You should get a few estimates from reliable contractors and the estimates need to be within the amount the insurance company is offering.
If the company decides that the repairs should cost $3,000, a payment would be made to the contractor for that amount minus your portion. For example, if your deductible is $500, the insurance company would pay $2,500. You would be responsible for paying the balance.
In the same situation, your insurance company might pay you directly. You would pay the contractor the $3,000 and receive a reimbursement from your insurance company for $2,500. However, if you have a mortgage on your home, the reimbursement check may be made out to both your and your mortgage company. Lenders often want to ensure the work actually was completed before the check will be signed over to you.
As your independent agent, we will work with the insurance company on your behalf. If you have any questions or concerns, please contact us. We can also help you compare home insurance costs online to ensure that you are getting the best rates.
If you have been in an accident recently you may be wondering about how the insurance will work in regards to your medical bills and other damages. The answer to "Does the liability insurance cover my medical bills?" depends entirely upon the type of insurance that you have, and upon who was responsible for the accident.
Liability insurance is the type of coverage that is designed to cover the medical bills of other people if you were the responsible party for the accident. Thus, if you are hurt in an accident because of another person’s negligence, their liability coverage will pay your medical bills once liability has been firmly established.
On the other hand, if you are the driver responsible for the accident and you incurred medical bills as a result of the accident, your liability coverage will not generally cover your medical costs. While liability is designed to protect other people, comprehensive insurance is designed to protect you.
If you are driving and cause an accident that generates medical bills for both you and the other people involved, your insurance may be involved in a couple of ways. The liability coverage will usually be used to pay the medical costs of the other persons in the accident while the comprehensive coverage will pay the medical costs that you incur.
Having a well rounded auto insurance policy means having several different types of coverage in most cases. Your insurance agent can create a bundle that includes all the insurance you need to be sure to protect both other people and yourself in case of accidents. Check out our live comparative quotes or feel free to give us a call for a free quote today!