10 Best Life Insurance Companies in New Hampshire
Key Terms
- Explore New Hampshire’s life insurance options, balancing affordability with comprehensive coverage to safeguard your family’s future.
- Whole, term, and universal life insurance each offer unique benefits, catering to diverse financial needs and life goals.
- Understand New Hampshire’s life insurance laws, including free look and grace periods, for informed decision-making.
Affectionately known as the Granite State, New Hampshire blends small-town charm with urban convenience, strategically located between Maine, Massachusetts, and Vermont. With vibrant cities like Manchester and Concord, it provides tranquility and easy access for its 1.35 million residents.
According to the Center for Disease Control and Prevention (CDC), the average life expectancy in New Hampshire is approximately 79 years which aligns with the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in New Hampshire have been cancer, accidents, and heart disease. The homicide rate in New Hampshire is so low that it’s listed as “Not Applicable” on the CDC website.
According to the U.S. Bureau of Labor Statistics, in New Hampshire, the 90th percentile income is presently $102,100. The median income in the state is roughly $46,960. Most financial advisors recommend acquiring a life insurance policy that covers your loved ones for between 10X and 20X your annual earnings. In New Hampshire, this amounts to around $1,021,000 – $2,042,000 for most individuals.
An independent insurance agent can help you navigate the insurance industry. They work for insurance agencies and will help you consider the different types of coverage and insurance products and insurance options to determine how much life insurance coverage you need. They can also help you run life insurance quotes.
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How life insurance works in New Hampshire
Life insurance is one of the best ways that you can protect your loved ones when you pass away. The idea is pretty simple. You pay a monthly premium in exchange for a death benefit which is paid out to your beneficiaries when you die. That said, there are a few different types of life insurance policies.
Whole life insurance is one of the two main types of permanent life insurance (the other being term life insurance). Unlike term life insurance, which only covers you for a specific period of time, whole life insurance covers you for your entire life. This means that as long as you pay your premiums, your beneficiaries are guaranteed to receive your death benefit, no matter when you die.
Whole life insurance also has a cash value component. When you purchase a whole life insurance policy, part of your premium goes into a cash account that you can access while you’re alive. You can take out loans against the cash value of your policy or use it to pay your premiums if you run into financial difficulties. Whole life insurance is complicated and mixes insurance and investing, which is generally not a good idea.
Term life insurance is a bit different. It’s a temporary life insurance policy that only covers you for a specific period of time, typically 10, 20, or 30 years. If you die during that time frame, your beneficiaries will receive your death benefit. If you don’t die during that time frame, the policy expires, and your beneficiaries don’t receive anything. It costs significantly less than whole life insurance and acts as a true insurance policy covering a risk of a premature death.
Universal life insurance is another option. Universal life insurance policies have a death benefit and a cash value component, like whole life insurance policies. However, the cash value component grows at a faster rate than it does with whole life insurance. This means that you can access your cash value sooner and use it for things like supplemental retirement income or to pay your premiums. In the State of New Hampshire the New Hampshire insurance department regulates the industry.