Life insurance premiums vary from one state to another. In Virginia, the average life insurance premium rate is approximately $ 682 per year, which translates to $56 per month, slightly higher than the national average of $631 annually. Life insurance is a contractual agreement between you and your insurance company that provides a tax-free lump sum of money (death benefits) to replace your lost income after your demise.
After your demise, the money accrued from a life insurance policy can cater to various expenses such as a mortgage, beneficiaries' education costs, and funeral expenses. Being a Virginia resident, procuring a life insurance policy is a prudent move that will ensure that your beneficiaries will always be financially insulated even if you are not there to take good care of them.
When you want to acquire life insurance in Virginia, it's critical to be alert of prevailing provisions that vary from one state to another. The Virginia State Bureau of insurance issues Virginia's life insurance policies and legislation about premium payment grace periods, free-look time frames, and other features.
Life insurance companies in Virginia are required by law to give their clients 10 days to back out of coverage. Are you a Virginia resident and wondering where and how to get spectacular life insurance coverage to take care of your family and loved ones upon your demise? Visit us today at Cannon and Associates Insurance offices for complete details from our agents on how to obtain affordable customized life insurance quotes.
Before arriving at an informed decision about the right insurance policy for you, it's vital to consider four key questions: analyzing your options. They include:
In case you are shopping for an affordable insurance policy to shield your family financially during the time they need it most, term insurance coverage is the ultimate choice. However, when you are looking for coverage in your entire life that builds cash value over time, whole-life insurance may be the best option.
A term life insurance policy allows clients to obtain a higher amount of coverage for a substantially lower cost than a whole-life insurance policy.
If you are healthy, a medically underwritten policy will be the ultimate affordable option. Other optional coverages like a guaranteed issue or accidental death policies might be a sound choice if you have any health complications.
Purchasing a life insurance policy online may seem a challenging task for some people. However, when you get provided with the right tools, it's the simplest way to choose a coverage amount and get sample quotes. In case it is approved, it's possible to commence coverage on the same day.
Feel free to contact us or visit our Cannon and Associates Insurance offices to get more information about affordable life insurance policies.