Life Insurance Companies Lake Oswego
If buying life insurance 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 in Lake Oswego 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 smart decisions about the coverage you need to protect your family, your property, and your business.
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!
Why Buy Life Insurance?
Studies show that 30% of Americans carry no life insurance. If you were to pass away unexpectedly, how would your loved ones pay for monthly expenses without your income? This is probably the most important aspect to consider. However, there are additional reasons you should consider buying life insurance:
- To cover your funeral expenses. Today, the average traditional funeral will likely cost between $7,000 and $10,000. You could make pre-paid arrangements with a funeral home, but most people don’t think that far ahead. Life insurance is a great way to protect your loved ones from big expenses after you are gone.
- To pay off leftover debt. There is no guarantee that your debts will disappear when you die and leaving your loved ones to deal with an outstanding mortgage, credit cards, car loans, student loans, or other debts can create a financial hardship when you pass away. Life insurance can help those you leave behind take care of any lingering financial responsibilities.
- To provide for college education. There are a variety of ways to save money for your child’s education. A permanent life (whole life or universal life) insurance policy is one way to help pay the tuition. You could borrow against the cash value through policy loans to supplement your college funding strategy when needed.
- To build a nest egg. Term life insurance provides protection for a set period of time, or a “term.” But another option, 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.” 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 have a financial emergency down the road.
- To pay estate taxes. As of 2019, if your estate is worth more than $11.4 million (or $22.8 million for married couples) when you die, your heirs will likely owe estate taxes and inheritance taxes on the assets you leave behind. Purchasing a life insurance policy can help cover the costs and leave your estate intact.
Protect what’s important to you with life insurance from Schmidt Insurance Group in Lake Oswego, Oregon. Our agents know their Schmidt when it comes to life insurance and can help you get the coverage you need. Stop in today and introduce yourself or give us a call at (503) 506-4554 to learn more.
