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Life insurance in North Carolina can be complicated to understand but once you have all the knowledge you need to break it down, it can be simple. There are many life insurance companies in the state of North Carolina. The North Carolina Mutual Life Insurance Company is the first African American owned insurance company in the state. It is also the largest in the United States. It was first opened in the year 1899 and called the North Carolina Mutual and Provident Association. Throughout the years the company has changed its name several time and currently it’s called NC Mutual.
Another great life insurance company based in North Carolina and offers its products to the residents of the state is American Life Insurance. American Life Insurance offers many different kinds of life insurance policies. The two major kinds of life insurance are term life insurance and whole life insurance.
Term life insurance offers coverage for a duration of time of up to thirty years. It also goes up to a certain age. There are two riders associated with term life insurance that can help you in a very important manner.
The first one is called Renewable life insurance. This allows you to renew your term life insurance policy without having to go through the process as if you were starting from scratch. You can also keep the same premium cost. This rider saves you time and money.
The second important rider is called convertible insurance. Convertible insurance allows you to change your insurance policy into a whole life insurance policy. This is also an important rider to have included in your term life insurance policy because there may be a time when you need a different kind of coverage and going through the process of getting life insurance from scratch is timely. With this rider feature, you won’t have to worry about having to go through the entire process again.
Whole life insurance offers coverage for your entire life as long as you pay the premium amount consistently as set out in the terms of your life insurance contract. The cost tends to be expensive because of this and the fact that you accumulate a cash value over time, however, the rate of premium will never increase and will always stay the same.
The time is now to consider life insurance coverage for you and your loved ones. Contact American Insurance to find out more.
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