Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance… the list and combinations seem endless!
Do you know which life insurance policy type is right for you? We can help. Our dedicated team of life insurance professionals understand Oregon’s market and regulations and can find the right plan – or mixture of plans – for your specific needs. We offer plans for residents anywhere in Oregon including Hillsboro, Beaverton, Cornelius, Forest Grove, North Plains, Portland, and anywhere else in the state.
Here are some basics about the various life insurance types:
Term Life Insurance Basics:
- Coverage for a “term” or period of your life.
- Lower premiums for a higher coverage.
- Rates can change after specific terms expire.
- No equity – cannot be used as cash value.
Permanent Life Insurance Basics:
- This type of life insurance is just as the name implies: permanent, rather than a specific time period.
- Protection carries with you your whole life.
- Can build equity and have cash value.
- Higher premiums than term life, but can be more valuable in the long run.
Term Life and Permanent Life Together :
- Build a lifelong base of whole life coverage.
- Supplement specific times of your life with term insurance.
When Should You Choose Term Life Insurance?
Most people choosing term life insurance have a strategy for long term net worth and need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves. In this case, the term would expire around the time your children move out.
When Should You Choose Whole Life Insurance?
Whole life insurance can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Many times, whole life insurance policies will pay dividends, though not always.
With so many, options many people find themselves overwhelmed. We understand. Let one of our life insurance professionals put together the right life insurance policy for you.
To set up a no-obligation, free consultation, call us at 503-648-4010. Get the protection your family needs at the right price for your budget.