Life Insurance Agent Lake Oswego
If finding a life insurance agent in Lake Oswego is on your radar, taking the time to understand how it all works before making a decision will save you energy and money. Let the experts at Schmidt Insurance Group provide the information you need that will help you choose the best coverage.
At Schmidt Insurance Group, we take the time to understand your unique needs. We are licensed experts who can help you make informed decisions about the coverage you need to protect your family, your property, and your business.
Studies show that 30% of Americans have no life insurance. If you were to pass away unexpectedly, how would your loved ones pay for monthly expenses without your income? Schmidt Insurance Group provides excellent products and services to help give you peace of mind in such a time as that.
What is Life Insurance?
Life insurance is an agreement between you and a life insurance company that, in exchange for paying them monthly or quarterly premiums, agrees to pay your beneficiary a set amount of money in the event of your death.
It’s like a security blanket that can help financially protect the people you love most. Life insurance can pay for funeral expenses and medical bills, cover monthly expenses like rent and mortgage payments, pay off debts like credit card bills, fund a child’s future education, and cover other expenses that might come up after you pass away.
There are two main types of life insurance policies to consider:
Term life insurance: This is the simplest type of life insurance to understand, and usually the least expensive because it has an expiration date. Term life insurance provides protection for a set period of time, or a “term.”
You, the policyholder, typically choose a term of 10, 20 or 30 years, and the cost, or premium, stays the same throughout the term. If you die within the term, your beneficiaries receive the payout, called the death benefit. Once the term ends, so does your coverage.
Most people choose term life insurance when they only need life insurance to replace their income over a certain period, such as during the years they’re raising children or paying off a mortgage. Ideally, your family’s need for life insurance will end about the time the term expires.
Whole or permanent life insurance: Whole, or “permanent,” life insurance lasts for a lifetime (as long as you pay the required premiums). From each payment you make, a portion is set aside in an investment account and becomes your policy’s “cash value.” Upon your death, a guaranteed benefit is paid to your designated beneficiary.
The cash value grows slowly, tax-deferred, which means you won’t have to pay taxes on any gains while they’re accumulating. You can borrow money against the policy’s cash value, often at a favorable rate, or surrender the policy to collect the cash. If you don’t repay your policy loan with interest, you’ll reduce your death benefit. If you surrender the policy, you will no longer have coverage.
Most people choose whole life insurance when they want to provide money for their heirs to pay estate taxes or leave money for final expenses, such as funeral costs.
If finding a life insurance agent in Lake Oswego is your goal, let Schmidt Insurance Group provide you with quotes for the best coverage. Stop in today and introduce yourself or give us a call at 503.506.4554 to learn more.
