Life Insurance Quotes in North Dakota
North Dakota life insurance cushions your family from financial strains should you die unexpectedly. The North Dakota Public Employees Retirement System (NDPERS) estimates that less than 50 percent of young families have bought life policy cover for either spouse. When getting a policy, you have to evaluate your family composition as well as financial situation to get the right policy.
How Much Insurance Do You Need?
Before buying a life policy, you have to decide how much coverage will be sufficient for you and whether you can cover the cost of the policy. Remember, the primary reason of buying a life policy is to cushion your family from financial strains should your untimely death occur. Taking life insurance can also be a way of planning for the future.
Before purchasing a life policy, ask yourself the following questions:
• How much do you contribute in your family earnings? Should you die today, how will the people who depend on you financially, such as your children, brothers and sisters, parents or grandparents survive?
• Do you have children and would you like to invest in their future education by setting aside some money to help them finish their studies in case you die?
• Will your family have to pay estate taxes after you are dead?
• Is inflation likely to affect your future needs?
When estimating the required coverage, remember to include the life policy you currently have, including veteran insurance as well as Social Security benefits.
The Right Life Insurance Policy
Life insurance policies come in different forms. When you have ascertained the amount of cover you require, set out to find out the right type of policy for you. There are two types of basic life insurance policies. These are term and cash value insurance policies.
In a term life policy, you are covered for a defined number of years such as 5, 10, 15 or 20 years. Your beneficiaries will be paid a death benefit only if your death occurs during the term of the policy. A term insurance has lower premiums than a cash value policy. However, you cannot use it as security for borrowing in future as it does not build up cash values.
On the other hand, a cash value policy has considerably higher premiums than a comparable term cover. With this policy, the extra cash you pay than of a comparable term life policy builds up cash value because it is invested by the insurer. You can use the cash value to pay for your child’s tuition, increase your retirement income or borrow against the policy’s value without having to cancel the policy. There are several types of cash policy life insurance such as universal life, variable life or whole life policies.
Save on Life Insurance Policy
Before you purchase a policy, make sure you compare different quotes from a number of insurance firms to get one that will suit your financial situation. Also, consider buying life insurance together with other covers such as health and auto covers from the same insurer. This will entitle you to discounts from the company.
Important Contacts
The North Dakota Public Employees Retirement System (NDPERS) can be reached through the following means:
Phone
(701) 328-3900 or
1-800-803-7377 (outside the Bismarck/Mandan calling area)
Mailing Address:
North Dakota Public Employees Retirement System
400 E Broadway Ave Suite 505
PO Box 1657
Bismarck ND 58502-1657
E-mail Address: ndpers-info@state.nd.us
