3 Reasons You Need Life Insurance Now

Life insurance is a critical tool to help you protect your loved ones, secure your legacy, and provide financial security for business owners. At Holmes Insurance Services in the Youngsville, NC area, we understand why life insurance is essential to planning for the future.

Here are three reasons you need life insurance now:

Protect Your Loved Ones

Nobody wants to think about death, but purchasing life insurance is one of the most loving gifts you give your family. In the event of an untimely death, having a life insurance policy in place will ensure that your loved ones have what they need to cover immediate expenses such as funeral costs, medical bills, and other outstanding debts. It will also provide financial security in the longer term, helping to replace the lost income and secure your family’s future.

Secure Your Legacy

Life insurance provides peace of mind that your legacy will be taken care of. Whether you want to leave a large sum of money for charity or want to ensure that your hard-earned estate goes to your loved ones, having a life insurance policy in conjunction with a will ensures this reality. 

Why Life Insurance is Necessary for Business Owners

For business owners, having life insurance is a shrewd way of protecting their business’s future. In the event of your death, having a policy in place makes sure that there is enough money to cover any debts and expenses associated with the business. It can also be used as an incentive for key employees, providing financial security in case of unplanned events or transitions.

We Are Here To Help!

At Holmes Insurance Services, we understand how important life insurance is for protecting yourself and those you love. Whether you want coverage for yourself or your Youngsville, NC area business, our experienced team will help you find a policy and plan to fit your specific needs and budget. Contact us today to learn more about why life insurance is essential now – and how we can make it easy to get started.

How do I know what type of life insurance is right for me?

Residents of the Youngsville, NC area need to spend time assessing their personal insurance needs. There are various forms of coverage to obtain when you are here. One important form of coverage to get is life insurance. This type of coverage offers various advantages. As there are multiple options to consider, it is important to evaluate the benefits of various choices to determine which option is right for you. 

How do I know what type of life insurance is right for me?

Term Life Coverage

The first type of life insurance that you should consider getting is term life insurance. When you have a term life insurance policy, you will have a specific level of coverage for a certain period of time. This type of insurance allows you to build a plan that meets your specific needs. While coverage goes away at the end of the policy term, the premiums tend to be more affordable than other options.

Whole Life Coverage

You also can consider getting a whole life insurance plan. Whole life coverage offers various benefits that are unmatched by other forms of coverage. To start, there is an investment benefit. This insurance includes a cash value component that grows over the years with interest. On top of the investment benefit, you will be able to hold this type of plan for as long as you want if you continue to make your payments. 

Get the Right Coverage Today

It is very important that people all over the Youngsville, NC area properly evaluate their life insurance needs and options. Since it is such an important form of coverage, calling the team with Holmes Insurance Services to discuss your needs is a great option. The professionals with Holmes Insurance Services understand this unique form of coverage and will offer any support needed so you can build an ideal plan. 

How Whole Life Insurance Works

When it comes to life insurance, there are two main types- term and whole life. Both have their pros and cons, and both can provide great coverage. If you are thinking about getting a whole life policy, we’d love to talk to you. Call us at Holmes Insurance Services in Youngsville, NC.  

How Whole Life Insurance Works

Lifelong Protection

When you get a term life policy, it’s good only for the specific term of the policy, often 20 or 25 years. When you get a whole life policy, it can cover you for the rest of your life. When you get a policy, it is good for as long as you live- as long as you keep paying the premiums. This is a great way to lock in coverage when you’re younger so that you don’t face a hard time getting insurance when you’re older. 

Building a Cash Value

Another thing that people love about whole life policies is that they build up a cash value over time. As you continue to pay for your premiums, after a few years a part of the profits made by investing your premiums gets put into a cash value for your policy. This is an amount that you can then borrow against. When policyholders get into a financial bind and need cash, these policies can certainly come in handy. When the policyholder borrows against that cash value, that amount is subtracted from the eventual death benefit until the amount is paid back. 

Get a Whole Life Policy

If you need a life insurance policy, getting a whole life policy is a good choice for many people. If you want to learn more about these policies and get started, call us at Holmes Insurance Services in Youngsville, NC to talk to an agent about a policy of your own. 


What Is the Difference Between Term Life Insurance and Permanent Life Insurance

When shopping for life insurance, you will learn there are two main life insurance policies: term life insurance and permanent life insurance. Both of these policies provide financial protection for your family; however, they differ in premium costs, total coverage, and length of coverage. When shopping for life insurance in Youngsville, NC, you want all of your life insurance questions answered. The experts at Holmes Insurance Services can help answer those questions and find you the best life insurance policy for your family’s financial needs.

Term Life Insurance

Term life insurance typically provides a more affordable life insurance option; however, these policies only cover you for a specific term length. Term lengths are stated in the policy and typically cover you for 10, 15, 20, 25 years, or any other length you select. 

Permanent Life Insurance

Permanent life insurance provides coverage for your entire life, as long as you continue making premium payments. This policy also has a cash value that is not available with term life insurance policies. If needed, you can borrow against your policy’s cash value to help pay for your retirement or other financial emergencies. 

Differences in Premiums

Term life insurance tends to be the less expensive option; however, your premium rates are calculated by several factors. These factors may include the policy type, the death benefit amount, term length (term life policies only), your age, and your overall health. Additionally, the company you purchase your life insurance policy from affects the overall premium costs. 

When shopping for life insurance in Youngsville, NC, reach out to Holmes Insurance Services to discuss your different options. Our agents can help you determine which life insurance policy is the best for your family’s future financial needs.