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Kempton Insurance Group

7427 Matthews Mint Hill Rd
Suite 105-356
Charlotte, NC 28227

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Types of Life Insurance

It’s important for many people to have life insurance to help those who are left behind. If you are thinking about life insurance, there are two main types that you can choose from. If you want to know more about life insurance, call us at Kempton Insurance Group in Charlotte, NC. 

Life Insurance: What You Need To Know

Whole Life Insurance

Whole life is a type of insurance that you can keep for the rest of your life. As long as you continue to pay your premiums, this insurance will stay in effect. This is especially helpful as you get older and getting a new policy could be extremely expensive. With whole life, the premiums tend to be a bit higher than with other insurance, but many people like that the insurance company can’t cancel the policy unless you stop paying for it. With this type of policy, you also get a cash value for your insurance that builds up over time. That’s money that you can borrow against if you need to. This can be highly useful if you ever have a financial emergency and need access to money.

Term Life Insurance

With this type of insurance, it is good for only the amount of years in the term. The policy outlines how many years the policy is good for, and you continue paying for that amount of time. After that, the policy is canceled. If you want to be insured after that, you have to apply for a new policy. Many people like this kind of insurance because it tends to be less expensive than a whole life policy. 

Contact Us Today

Whether you are interested in a whole life or a term policy, it’s important to have life insurance in place for your loved ones. To get started, call us at Kempton Insurance Group in Charlotte, NC.

How Much Life Insurance Do I Need?

What do you want to leave behind for your family? That is the question that many people ask themselves when they are deciding how much life insurance to purchase. If the answer is "a lot," you should focus on buying enough life insurance coverage.

If you’re wondering how much life insurance you need, Kempton Insurance Group in Charlotte, NC has put together this guide for you. To figure out how much life insurance you need, take into consideration these factors:

Income: Income is the number one factor to determine how much life insurance you need. If your income does not change, you will likely be fine with a smaller coverage because there are fewer needs for it in that situation (i.e., funeral costs). However, if your income changes often or drastically from year to year, more protection may be needed when determining life insurance amounts.

Debt: If you have a lot of debt, there may be more need for life insurance to pay off the debts and provide money for your family in case something happens to you before they can get back on their own feet financially.

Dependents: If you have children, the more dependent they are on your income, then higher life insurance would be appropriate.

Your situation: If you’re single with no kids, a lower level of coverage may suffice depending on how much wealth and assets you own.

Health: Your health status will determine how much life insurance you need. If you have a chronic condition that could affect your ability to work, then you would want more coverage than if you were in perfect health with no special needs.

Get Adequate Life Insurance Today

Many families spend time trying to save money on their funeral and end up putting off purchasing life insurance until it’s too late. This is a huge mistake because, without adequate coverage, your family may not have enough money for expenses like housing or education after you pass away.

For more information about life insurance coverage in Charlotte, NC, contact Kempton Insurance Group.

When Is the Best Time to Purchase Life Insurance?

Life insurance is something many people put off buying because they don’t think they will need it. The fact is, having it in place offers peace of mind and security for those who have it. Knowing when to buy a life insurance policy is just as important as purchasing the right type of policy. The agents at Kempton Insurance Group are proud to serve residents in Charlotte, NC, and nearby communities.

Starting a Family

One of the best times to buy a whole life policy is when you are first starting your family. This type of policy will provide for your family if the unthinkable occurs, and they are left to survive without your income. By buying your policy early, you know your family has everything they will need for the future. You can adjust the amount of your policy as your family grows or if your needs change.

Anytime!

When it comes to a term life insurance policy, the right time to purchase a policy is anytime! Term life policies are typically used to pay off final expenses or to eliminate any existing debt that may be left behind. The policy is set to pay out a specific amount, and the payments are spread out over a particular amount of time or term.

The agents of Kempton Insurance Group understand the importance of having the right type of life insurance policy. They are ready to explain the benefits of both whole and term life policies to all of their clients who live in Charlotte, NC. Call and set up an appointment to find out which policy will provide you with the benefits you need to care for your family.

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