Ever since life insurance was introduced, there has been an ongoing debate about whether permanent or term life insurance is superior.

At Steiner Insurance Group of Nashville, NC, we are pleased to offer both products, each with its own place.

Pros and cons of term insurance.

Term insurance is life insurance protection intended to cover the insured’s life for a specific number of years. It is generally much more affordable than permanent life insurance and is terrific for those who desire a large amount of coverage. On the downside, it expires after its term and doesn’t build a cash value.

Pros and cons of permanent insurance.

Permanent or whole life insurance remains in force for as long as premiums are kept up to date. It can build value and may be considered a financial asset. It may be used as collateral or borrowed directly against its value. It may also be cashed in at some future date.

Permanent insurance can be a good option for those who need life insurance protection but have trouble saving. It is often purchased for newborns as it can build value the child may use for future education or a first car. The downside of permanent insurance is that it is more costly per thousand than term insurance.

So, which is better?

The real question is which is better for your specific situation. If you have questions, please get in touch with us.

Get North Carolina Insurance Quotes today.

If you are interested in getting a quote for term or permanent insurance or just comparing both, contact Steiner Insurance Group of Nashville,, NC. We would be glad to assist you.

Life insurance is a very personal type of insurance. It is something you do for yourself but for those you love. At Steiner Insurance Group in Nashville, NC, we are here to ensure that you get the right amount of coverage and life insurance. 

When should I review my life insurance?

Your life will change over the years, and when there are significant changes, you need to look at the life insurance coverage you have to ensure it is adequate for this time in your life. Things like marriage, children, and employment change your insurance needs. 

Do I need life insurance beyond what I get at work?

Having your own life insurance over which you have total control is always a good idea. Employment can change, and that affects your coverage. 

Who can I have as a beneficiary?

The choice of beneficiary is up to you. You can choose one or more people, keeping in mind that children may not be able to benefit until they come of age. 

Do I need to get a physical to buy life insurance?

No, but the truth is that you will have fewer choices, and the premiums will be higher if you choose to get a life insurance policy without getting a physical. 

When is the best time to buy life insurance?

Life insurance is at its most affordable and accessible to purchase when you are young and healthy. Of course, that is usually when you feel you have the least need for it. Still, this is an excellent time to dip your toes into the water and at least get a small whole insurance policy. 

In Nashville, NC, our team at Steiner Insurance Group can help with any life insurance questions you may have. As independent insurance agents, we can offer you various life insurance options. 

When you have family members who depend on you, it’s important to be able to leave something behind for them. A life insurance policy can save your family from falling into financial trouble after you’re gone. When you need life insurance, there are two main types that you can choose from. One of these is term life insurance. The other is whole life. Whole life is a highly popular type of life insurance that comes with a lot of benefits. When shopping for life insurance, call us at Steiner Insurance Group in Nashville, NC. 

Continuous Life Insurance

If you were to get term life insurance, it would be suitable for its specific term and then expire. You would then have to get a new policy. The same is not true for whole life insurance. With this type, it stays good for the rest of your life. Even if you reach an advanced age, the policy will remain in place if you keep making the premium payments. Whole life gives people great peace of mind for this reason. It’s a convenient way to keep a policy and never have to buy another policy. 

Cash Value

Another important benefit that can bring peace of mind is the cash value that the policy accrues over time. Over the years, the policy will build up this value. This amount can be borrowed against any time you need it. This lets you know that you can access that money if you have a financial emergency. This can be a helpful way to protect your finances. 

Get Life Insurance

If you’re interested in whole life insurance, we can help. To learn more about these policies and get started, call us at Steiner Insurance Group in Nashville, NC.

Those living in the Nashville, NC area will have various personal insurance needs. One form of coverage all people here need to get is a life insurance policy. This is a unique form of coverage that can be used to provide support for others if you were to pass away as well as other advantages. There are various benefits that come with having this coverage, which you should be aware of. 

Why Life Insurance?

Provide Peace of Mind

One of the reasons for having a life insurance policy is for peace of mind. If there are people in your life that you care about, you will want to know that they have financial support in all situations. With a life insurance policy, you can be assured that you will have financial resources if you were to pass away. This can offer comfort and peace of mind in these situations.

Receive Investment Benefits

The use of life insurance can also help you build a more diversified investment portfolio. Through whole life insurance, you can build more liquid assets that will earn a consistent rate of return with little risk. When you get this coverage, some of your payments build into an account. Over time, these funds in the account will add up, and you can take a withdrawal or use the proceeds to post collateral. 

Give Us A Call

If you are in the Nashville, NC area, you will likely find that having life insurance is a good idea. When you are ready to start shopping for coverage, it can be smart to call the Steiner Insurance Group. Our team of experts at the Steiner Insurance Group can offer the help you need to fully evaluate all of your options and build a policy that provides the coverage you need and want. 

According to research, most people don’t have nearly enough life insurance. About 65% of American adults say they would feel the financial pinch if they lost a primary wage earner (source). If you’re among the majority of people who need more life insurance, the next step is to decide which type is best for you.

Here’s a rundown of the most common types of life insurance policies to help you make the right decision for your needs:

Term Life Insurance

Term life insurance is the most basic and straightforward type of policy. It provides coverage for a specific period, typically between five and 30 years. If you die during that term, your beneficiaries will receive a death benefit. If you’re still alive when the term expires, the policy will end, and you won’t get anything back.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that remains in force for your entire life, provided you continue to pay the premiums. It also generally has a savings component that builds cash value over time. You can use that cash value to help pay premiums or for other purposes, such as supplemental retirement income.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance. Like whole life, it remains in force for your entire life as long as you continue to pay the premiums. But universal life has more flexibility than whole life, allowing you to adjust your premium payments and death benefit up or down as your needs change.

Variable Life Insurance

Variable life insurance is a type of permanent life insurance that offers death benefit protection and a savings component with investment options. When you get this type of policy from Steiner Insurance Group in Nashville, NC the cash value of your policy can go up or down depending on how the investments perform.

Give Us A Call

No one type of life insurance is best for everyone. The best policy for you’ll depend on your specific needs and circumstances. Steiner Insurance Group can help you evaluate your options and choose the right life insurance policy for you. Contact our office in Nashville, NC to get started.

Life Insurance with Savings or Investment Account

When you consider purchasing life insurance from Steiner Insurance Group serving Nashville, NC, you have many choices beyond the typical whole life or term life insurance policy. You might consider a policy with a cash value account in addition to the death benefit.

What is a cash value account life insurance policy?

The term life insurance with a cash value account refers to a life insurance policy that provides both a death benefit to the purchaser’s beneficiary and a savings account that ties to either an investment account or a money market account. It can be either a whole life policy or a term life policy, although the whole life option proves more common.

Each month, when you pay your premiums, a portion of the premium goes into your savings after your policy premium gets paid. This amount is pre-tax, so you don’t pay taxes on it. It remains untaxed until you withdraw from the account, or you pass away.

Benefits of Cash Value Account

This helps you save money while you save money. When you die, if you have money remaining in the cash value account and the policy type pays it to the beneficiary, they will pay taxes on it only if your total estate exceeds the amount deemed taxable by the Internal Revenue Service. They’ll pay estate tax on their inheritance if your total estate value exceeds $11.58 million.

Some cash value savings accounts give you the option of investing the funds, sometimes with a guaranteed minimum payout, other times, tied to an index fund. Either way, you save pre-tax and earn money from your savings.

Contact Steiner Insurance Group serving Nashville, NC to learn more about this valuable life insurance policy. Let us help you protect your family’s financial future with life insurance.

Life insurance is a complex and vital type of coverage, one that will help your family after you pass and keep them financially secure for years to come. At Steiner Insurance Group, we can serve the Nashville, NC area with high-quality policies that make sense for you and which will be easy to integrate into your budget. 

Term Life Insurance May Be a Good Choice 

While you can get either term or whole life insurance, you might find a specific period a good option. A term life insurance policy is set up for a particular number of years. For instance, you could set it for 30 years, after which your policy would lapse. If you’re already in your 50s or 60s, that kind of life insurance policy is likely what you need. 

Calculating Your Needs Can Be Easy

How do you know what type of coverage level you need? First, just remember the anagram DIME or debt, income, mortgage, and education. Then, consider all of these factors and balance them against your family’s needs and what coverage level is likely available for you as a homeowner. 

Consider Adding a Few Beneficiaries 

When you add multiple beneficiaries to your life insurance policy, you help make sure that your policy pays out. For example, if both are still alive when you pass, the money is split depending on how you set up your policy. If one dies before the other, the surviving member gets the cash. 

Taking Care of Your Insurance Needs 

If you believe that you need life insurance and the facts above are easy enough for you to understand with little difficulty, you should probably reach out to us at Steiner Insurance Group to learn more. We serve the Nashville, NC area and can provide high-quality policies that make sense for you. 

One of the main types of life insurance is the whole life insurance policy. This type works much differently than a term life policy. If you are interested in life insurance to protect the financial future of you and your family, call us at Steiner Insurance Group in Nashville, NC to make an appointment with an agent. 

Your Whole Life

The name of this policy type describes why it is such a popular option for life insurance. Once you start this type of policy and keep making your payments as agreed upon, the policy is in effect for the rest of your life. No matter your age, the insurance company can’t cancel this policy as long as you are paying your premiums. With some other types of life insurance, the insurance may expire at a certain age and then require you to get another policy that costs more because you’ve gotten older. With whole life, you never have to worry about this. 

Building a Cash Value

A whole life policy comes with a cash value that is built up over the years. It is a portion of the profit from the policy that the insurance company has earned. With this cash value in place, you can borrow against it when you need to. Many people use this option when they have an emergency financial situation and need fast cash. The amount that you borrow is deducted from the policy’s death benefit until the loan is paid back. 

If you want to know more about these policies and are in the Nashville, NC area, call Steiner Insurance Group. Schedule an appointment to talk about how much life insurance you and your family need. 

 

When it comes to purchasing life insurance, you don’t want to procrastinate. Neglecting to buy life insurance when you need it can compromise the financial security of your family. 

If you’re interested in a life insurance policy from Steiner Insurance Group in Nashville, NC, you shouldn’t waste any time before purchasing a policy. The following are three critical reasons why you need to purchase life insurance right now. 

You never know when a serious accident can happen.

You may be a very healthy person. However, many possible incidents could result in an unexpected death that has nothing to do with an individual’s health. One prime example is automobile accidents. It is critical to prepare for the unexpected by purchasing life insurance right away. 

You’ll enjoy more peace of mind knowing that your family is financially protected. 

It is stressful worrying about your family’s financial future. If you find the right life insurance policy, you know that your dependents will be provided for regardless of what happens to you.

Don’t wait to purchase life insurance so that you can benefit from the peace of mind that this important financial product provides right away. 

You may get lower premiums if you purchase a policy when you’re younger.

If you wait a few years to purchase a life insurance policy, your premiums will probably be more expensive as a result. The younger you are when you purchase your policy, the less expensive you can inspect your life insurance policy to be. 

Would you like to learn more about life insurance options with Steiner Insurance Group? We offer life insurance policies to those residing in the Nashville, NC area. Get in touch with us if you have questions and inquiries.