Life insurance replaces your income for the people who depend on it — your spouse, your children, your business partner. At ALLCHOICE Insurance, we compare life insurance options across multiple top-rated carriers to find the right coverage amount, the right policy type, and the right price for your situation.
Clemmons doesn’t set a minimum coverage requirement. These are the benchmarks most financial advisors use to size life insurance correctly:
Common Clemmons Coverage Benchmarks Financial planning
General income replacement rule — if you earn $80,000, consider $800,000 to $1.2M in term life coverage
Debt + Income (10 years) + Mortgage balance + Education costs = a more precise coverage target than income alone
Final expense / burial insurance — covers funeral, burial, and immediate end-of-life costs for Clemmons families
Clemmons law gives you 10 days to review and cancel any life insurance policy for a full premium refund after delivery
The “right” amount of life insurance depends on your specific financial obligations — your mortgage, your spouse’s income, your children’s ages, your debts, and your business arrangements. A $500,000 term policy that’s right for one NC family may be far too little for another. Your ALLCHOICE advisor will work through your actual numbers to find a coverage level that makes sense for your situation.
Provides a death benefit for a defined period — 10, 15, 20, or 30 years. The least expensive form of life insurance per dollar of coverage. Ideal for income replacement, mortgage protection, and providing for dependent children during their most financially vulnerable years.
Most common choice
Permanent coverage that never expires as long as premiums are paid. Builds guaranteed cash value over time that can be borrowed against or surrendered. More expensive than term but provides lifelong coverage and a savings component.
Permanent coverage
Flexible permanent coverage with adjustable premiums and death benefit. Builds cash value tied to market interest rates or indexed returns. More flexible than whole life; requires ongoing management to maintain coverage.
Flexible permanent
Simplified-issue whole life policies with smaller face amounts ($5,000–$25,000) designed to cover funeral, burial, and end-of-life costs. Available without a medical exam; designed for seniors who may not qualify for larger policies.
Senior planning
Decreasing term coverage that mirrors your mortgage balance — pays off your home loan if you die during the coverage period. Ensures your spouse or heirs aren’t burdened with a mortgage payment after your death.
Specialized term
Waiver of premium (pays your premiums if you become disabled), accelerated death benefit (accesses death benefit early with a terminal diagnosis), child term rider, and accidental death benefit are common additions to base policies.
Policy enhancements
Did you know?
Clemmons law gives you a 10-day free-look period after a life insurance policy is delivered to you — you can review the policy in full and cancel for any reason within 10 days for a complete premium refund. This means there’s no reason to feel pressured to commit immediately when buying life insurance in NC. Take the time to review what you purchased before the free-look period expires. Your ALLCHOICE advisor will explain every term of your policy at delivery so you know exactly what you own.
Life insurance pricing varies significantly between carriers — a health condition that causes one carrier to rate you Substandard may be viewed more favorably by another. ALLCHOICE compares your profile across multiple top-rated life carriers to find the company that views your health history most favorably and prices your policy most competitively.
We compare your life insurance application across multiple top-rated carriers — finding the company that offers the best rate for your age, health profile, and coverage needs.
We help you understand which carriers are most favorable for your specific health history — so you don’t pay more than necessary because you happened to apply to the wrong company first.
We work through the term vs. permanent decision with you based on your actual financial obligations — not a product quota. Most NC families are best served by term; some situations genuinely call for permanent coverage.
Your life changes. We review your coverage as your obligations change — when you buy a home, start a family, launch a business, or approach retirement — and adjust your coverage to match.
A common starting point is 10–15 times your annual income. The DIME formula provides more precision: add your Debt, Income (10 years), Mortgage balance, and Education costs. For a 40-year-old NC family earning $90,000 with a $300,000 mortgage and two young children, this often points to $1 million or more in coverage. Your ALLCHOICE advisor will work through your actual numbers.
Term life is temporary — it covers you for a defined period (10, 20, 30 years) and is the least expensive form of coverage per dollar of benefit. It pays nothing if you outlive the term. Whole life is permanent — it covers you for life, never expires, and builds cash value over time. Whole life costs significantly more than term for the same face amount. Most NC families with income-replacement needs are best served by term; whole life has specific uses in estate planning and business succession.
Yes, in most cases. Carriers view health conditions differently — a condition that causes one carrier to decline or rate you Substandard may be viewed more favorably by another. An independent agent who can submit to multiple carriers simultaneously often finds better terms than a single-carrier agent. Simplified-issue and guaranteed-issue policies are also available for applicants who can’t qualify for fully underwritten coverage.
Generally no. Life insurance death benefits paid to a named beneficiary are income-tax free under federal law and NC state law in most circumstances. The proceeds are also typically exempt from probate if a named beneficiary is designated. Estate taxes may apply for very large estates — discuss with an estate planning attorney if your estate exceeds the federal exemption threshold.
Clemmons law provides a 10-day free-look period after a life insurance policy is delivered to you. You can review the full policy and cancel for any reason within 10 days for a complete refund of any premiums paid. This gives you time to verify that what was delivered matches what was quoted and explained.
We compare term, whole, and universal life options for your age, health profile, and coverage needs. Takes about five minutes to get started.
Log in to the Member Center to review your current life insurance coverage, update beneficiary designations, or discuss whether your current amount still matches your obligations.
