If you are looking for a permanent insurance provider in Pelham, you have come to the right place! Hometown Life Insurance is proud to serve the community Pelham and the surrounding area. We focus on providing unmatched customer service, combined with industry leading digital capabilities. If you have questions about life insurance, or are wondering where to start, we are happy to assist you by answering your questions and guiding you through our quick and easy process.
Ensuring your loved ones are properly protected is not a decision you take lightly. For us at Hometown, the client experience goes well beyond the initial engagement. It is important that we provide our clients with the right coverage for their family, when they need it most. First, we must understand you, our client. What are you looking to protect with your life insurance? What is important to you now and where do you expect to be in the future? Pairing our expertise with your vision and goals for your future, we can help you find the permanent insurance solution that suits your needs. We know each of our customers’ needs are unique, but equally important for the security and peace of mind of you and your loved ones. If you are looking for general information, check out our whole life insurance page or universal life insurance page, or contact our team for to discuss further!
The type of insurance that is best suited for a young or growing family is dependent on your situation. In many cases, you may be at your peak need for insurance due to your potential mortgage, younger children, and a family that all rely on the income you bring in to the home. For many young families, term life insurance is the best fit at this stage of life as they balance coverage amounts, with being conscience of their budget. However, there may be unique circumstances that require a different approach. Our team would be happy to assist you in finding the right life insurance plan for you and your family!
With permanent life insurance, your premiums will be locked in for the entire payment duration that you select. One of the option types available is a “limited pay” premium, where you select a term (say 10, 15, 20 years), and make the same monthly payments throughout that period of time. After that pay period has ended, your policy is paid up and provides coverage for life with no further premiums. The other common premium payment option is paying premiums throughout the life of the policy. The monthly premiums will be lower than the limited pay options, but are extend to continue for a longer period of time.
Life insurance premiums are based on your policy payment term (limited pay or lifetime), coverage amount, age, sex, smoking status, medical and personal history such as occupation, hobbies, health, family history and medications. The more data you are willing to share with the underwriters, the better they can evaluate your risk, and give you the best price for your individual circumstances.
Permanent life insurance can be cancelled at any time, but it is important to consider the pros and cons of cancelling the policy, as you would lose your current premium rate. If you were to need permanent insurance in the future, you would pay a much higher premium because of the age difference. Since there is also a cash value in the policy that grows, you may receive a cash payout from the policy at cancellation that could have tax implications. Please reach out to our team at Hometown to discuss your options before choosing to cancel a permanent policy. In many cases, you can use the cash value in your policy to pay your premiums, if your available funds are low, or you may also be able to borrow against the cash value in your policy to access money, but keep the policy in force as well.
During the life insurance application process, we will ask you some questions to better understand your personal information, health and medical details, occupation and hobbies. When your application is complete, we will submit it to the insurance company’s underwriters for review. From there, the underwriters may determine that they have some additional calcifications that require follow up – or if they have adequate details to make a decision – approve the policy. The more information an underwriter has about you, the more accurately their assessment can be to ensure that you have proper coverage in place.
“Riders” are the additional features and customizations that can be added to your life insurance policy for extra coverage benefits. On a permanent life insurance policy, some of the most common riders include accidental death benefit, waiver of premium for disability, guaranteed insurability rider, and child’s term life insurance. You can find more information on the riders in our FAQ’s section on our permanent life insurance pages.