Life Insurance in Clemmons, NC
Life insurance may offer financial security for your loved ones in case of your untimely death. A life insurance benefit can be used to help cover everyday expenses, pay off debts or fund future needs like education. This essential coverage helps ensure your family can maintain their lifestyle even in your absence.
Why Life Insurance Is Important 
Life insurance may help cover costs associated with your passing, such as funeral expenses, medical bills and any outstanding debts. More importantly, it may provide a source of income for your dependents and help them meet their financial obligations. This is especially crucial if you are the primary earner.
How Life Insurance Works
Life insurance requires regular premium payments to an insurance company. Your beneficiaries can apply to receive the death benefit upon your passing, as long as your policy is active at the time and all premiums have been paid up-to-date.
There are two main types of life insurance policies:
- Term life insurance may cover you for a specific period, usually 10, 20 or 30 years. If you pass away during the policy term, your beneficiaries may claim a death benefit. After the term ends, you may be able to renew the policy, but at higher rates.
- Permanent life insurance may remain in effect throughout your life, provided you continue to pay your premiums. It includes a savings feature that grows over time. You can typically access this cash value while you’re alive, according to the policy’s terms.
How Life Insurance Is Paid Out
When a policyholder passes away, the beneficiaries must file a claim with the insurance company to receive the death benefit. This usually involves submitting a death certificate and completing some paperwork. If the claim is approved, the insurance company pays the death benefit as a lump sum or in installments, depending on the policy terms.
Compare Life Insurance
Contact Hampton Insurance Services today to discuss your life insurance options. Our experienced agents are here to help you every step of the way.