If you live in Arkansas, a place full of natural wonders like limestone caves, and you haven’t already begun exploring your life insurance options, it’s time you did. There’s no better time than the present to create peace of mind for you and your loved ones.
No one likes thinking about life insurance, but spending a little bit of time researching your options and collecting quotes means you never have to think about it again.
If now is the day to explore your options for life insurance in Arkansas, we’ll fill you in on what you need to know, so you can get back to exploring what Arkansas has to offer!
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Life insurance is pretty straightforward: your insurance company gives your beneficiaries a death benefit (a lump sum of money), so long as your premiums are paid. This money is often used for final expenses like funeral costs, or to replace your income.
There are two main types of life insurance: whole life and term life. Each offers different features beyond just doling out a death benefit. For instance, whole life has an actual cash value that grows over the length of your policy.
Every adult should have life insurance because it shelters your beneficiaries from paying out of pocket for burial expenses or outstanding debts. The fact of the matter is that financial protection is the only kind of protection you can leave your loved ones with when you’re not physically present.
Having options is a good thing, but when it comes to insurance, more options can quickly become overwhelming. We’ll help relieve the pressure by giving you some pointers on finding the best life insurance policy for you.
Before you begin searching for Arkansas life insurance quotes, ask yourself these questions to help you figure out which policy is best for you:
Now that you have a better idea of your life insurance needs, let’s explore the types of life insurance available to you and how to decide between them.
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Knowing your options is the next step to locking into the best life insurance policy for you and your beneficiaries. These are your options for life insurance in Arkansas:
Term Life
As the name suggests, term life policyholders pick the number of years they want life insurance, typically in 10, 15, 20, or 30-year denominations. If you pass away with your premiums paid up, your beneficiaries get a death benefit. But, if the policyholder lives past the term policy, the policy expires and the beneficiaries don’t receive anything (unless you have the option to renew your policy).
Permanent
Permanent life insurance is an attractive option as it offers a guaranteed death benefit to beneficiaries when the policyholder passes. These policies also come with a cash value that accumulates money over your lifespan. However, this type of life insurance is more expensive than term life.
The two types of permanent life insurance are whole life and universal life.
Whole Life
Get life insurance that spans your entire life! Whole life is a permanent life insurance that offers lifelong protection with fixed premiums, has a cash value, and provides a guaranteed death benefit.
Universal Life
Universal life is another form of permanent life insurance, but it differs from whole life as it’s divided into the cost of insurance (COI)—death benefits—and cash value. You can adjust these components, and the COI value depends on your age, insurability, and the insured risk amount.
Guaranteed Life
Unlike other insurance products, this type of policy features no medical exams and guarantees coverage to policyholders no matter their state of health. The premiums are high, and the death benefit is lower than traditional policies.
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You can live every day to the fullest knowing that no matter what happens to you, your beneficiaries are financially protected so long as you have life insurance. And that’s true even if you live in a state nicknamed “The Bear State”.
But the trick is buying the right life insurance policy for you. No two people are alike—that’s why we all pay different insurance rates—so you need to research your options before you lock onto the best life insurance in Arkansas. Once you’ve figured out which policy matches your needs, it’s time to branch out and shop for life insurance quotes!
Get your free life insurance quote here to find the best life insurance company and policy, so you can get back to exploring the wild state of Arkansas.
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