Purchasing an Oregon life insurance policy is one of the most practical things you can do to ensure the security of your family in the event of your death.
By using InsureMe's free referral service, we can provide you with up to five quotes from agents in your area to make sure you are getting the most affordable rate on your Oregon life insurance.
What is life insurance?
Life insurance is sold by insurance companies to help meet the financial needs of your loved ones in the event of your death.
Why do I need Oregon life insurance?
Many experts consider a life insurance policy to be the foundation of sound financial planning. Oregon life insurance can protect your family in the event of your death by providing a supplemental income for economic necessities.
How much Oregon life insurance should I purchase?
According to the Life and Health Insurance Foundation for Education, the average American has $110,000 in life insurance coverage—roughly three times his or her gross income.
However, after an analysis of all the things your Oregon life insurance needs to cover, you may find that you need upwards of 10 or 15 times your gross income.
If you have dependants you will need to account for short term expenses when purchasing Oregon life insurance. Such expenses could include funeral and burial costs, estate tax and any outstanding medical bills.
You will also need to account for long term expenses such as house payments, college tuition and retirement savings.
If you don't have dependants, you still need to consider your economic responsibility. You may want to purchase Oregon life insurance so that you will not be a financial burden to others if you die. You also may want to leave some money for close family members, friends or charitable organizations.
If you are young with no dependants, you will want to purchase your Oregon life insurance as soon as possible in order to lock in a good rate for years to come.
Whether or not you have dependants, you will also need to consider any financial assets you may have when projecting your needs for Oregon life insurance. Make sure to include cash, savings, Social Security and pension!
Are there different types of Oregon life insurance?
The two main types of Oregon life insurance are term life and whole life (also known as permanent life).
Oregon Term Life Insurance
An Oregon term life insurance policy provides protection for a specific period of time and is therefore designed for temporary circumstances. Terms generally last anywhere from 5 to 30 years and must be renewed. It is important to note that a death benefit will only be granted if you die during your term.
You may want to chose a term life policy if you need coverage for expenses that will be taken care of in time such as a mortgage or college tuition.
It is important to note that term life insurance premiums increase as you age, thus you may not be able to afford to renew them. Additionally, an Oregon term life insurance policy generally does not offer a cash value.
Oregon Whole Life Insurance
An Oregon whole life insurance policy provides lifelong protection, which means as long as you pay the premiums, a death benefit will be offered.
A whole life insurance policy will also earn a cash value which differs significantly from a term life policy. You may borrow against this cash value, but all loans must be paid back or your beneficiary will receive a reduced death benefit.
It is important to ask questions before selecting a policy to make sure you get the most out of your Oregon life insurance.
Where can I turn for additional information?
For more information on Oregon life insurance, contact the American Council of Life Insurers at (202) 624-2000 or the Life and Health Insurance Foundation at 1-888-LIFE-777.
Start Planning Today.
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