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Pethel Insurance Group

2622 Dale Earnhardt Blvd
Kannapolis, NC 28083

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North Carolina Life Insurance Coverage

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Life Insurance in North Carolina

If you live in North Carolina and are interested in purchasing life insurance, it is crucial to educate yourself on the various policies and how they are defined. Life insurance is regulated at the state level, so the laws are different between locations. Keep reading for more information on the various regulations and policies within North Carolina.

Life Insurance Regulations

Life insurance is not required in North Carolina, but it is one of the smartest decisions you can make for your family and loved ones. You need to understand the following regulatory terms before purchasing life insurance.

Grace Period

Life insurance policies in the state cannot be canceled due to reasonably late payments, which are defined as 30-days. If you miss a payment, you are legally given 30-days to pay the balance.

Free Look Period

The free look period is the time where the newly insured can cancel their policy and still receive a full refund. This period is typically within the first few weeks of the policy.

Timely Claim Payment

Insurance companies are legally required to pay out claims within 30-days of the proof of death. If they fail to do so, the amount owed to the beneficiary will accrue interest, and the company will face legal charges.

Coverage Types

The two most common options include:

Permanent Life (whole, universal, variable)

Permanent life differs from term life in that the policy remains in place for as long as the premium is paid, and it can earn interest. Also, this policy allows you to borrow or withdraw funds, like a bank account. However, the initial cost is more at the beginning of the policy.

Term Life

On the other hand, term life gives you coverage for a specific number of years and increases in cost as you get older. Also, it does not have a cash value, so you cannot cash it out.

If you are looking for a life insurance policy plan, our experts at Pethel Insurance Group can find a policy that meets your needs at a price you can afford. Stop by our office in Kannapolis, NC and speak with us today for more information!


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  • South Carolina