Life Insurance Beaverton, OR

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? If you are shopping for life insurance in the Beaverton, OR area, look no further than Schmidt Insurance Group for excellent products and service.

At Schmidt Insurance Group, we take the time to understand your unique needs. We are licensed experts who can help you make smart decisions about the coverage you need to protect your family, your property, and your business.

Life Insurance 101

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.

What is the difference between “term” and “whole” life insurance?

Term life insurance protects you for a set period of time, or a “term.” Many term life policies provide coverage for a 10, 20, or 30-year period. Term life insurance has no cash value. Benefits are paid to your beneficiaries only if you die within the term. Once the term ends, so does your coverage.

Whole life insurance, also known as “permanent” life insurance, lasts for a lifetime. Upon your death, a guaranteed benefit is paid to your designated beneficiary. Whole life insurance is typically more expensive than term life insurance because it has a cash value that enables you to take money out or cash in the policy.

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

Can I buy life insurance as a gift for a child or grandchild?

Yes! To give a child or grandchild a financial head-start and show much you care about their future, whole life insurance can be the ideal gift.  These policies have a cash value that grows over time. As adults, your recipients could use the money to help fund their college tuition, pay for their dream wedding, or even make a down payment on a home.

Should I consider a life insurance policy even if I’m single?

Many single people think they don’t need life insurance at this stage of their lives. However, in addition to paying for your funeral expenses, it can provide a financial safety net for your loved ones when you’re gone.

• Pay Off Outstanding Debts: If you have student loans or other debts that a parent or family member has co-signed for, your co-signers will be held responsible for the debts if you suddenly pass away. Life insurance can help them pay off the debts.
• Support Loved Ones in Need: If you are supporting elderly parents in their retirement, your death could leave them in a financial bind. With a life insurance policy, you can designate the benefits to go to the loved ones you’re supporting so they can continue receiving the financial help they need.

If you live in Beaverton, OR, consider protecting the important things in life and the people you leave behind with life insurance from Schmidt Insurance Group. Give us a call at (503) 206-0881 for more information.