Life Insurance Happy Valley, OR
Life insurance is meant to replace your income if the unthinkable happens, but studies show that 30% of Americans carry no life insurance. The Schmidt Insurance Group team can help you navigate all available options.
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.
Guide to 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.
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.
- What’s the difference between “term” and “whole” life insurance?
Term life insurance provides protection 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, or also called “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.
- How much life insurance do you need?
Every person and every situation are different, and buying the right amount and type of life insurance is an important financial decision. Instead of guessing, one of our experienced agents can help you determine how much coverage you really need after reviewing your life circumstances, financial situation, and future goals.
- Can you buy life insurance as a gift for a child or grandchild?
Yes! If you you want 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.
- Is Life Insurance Worthwhile if You’re Single?
Many single people think life insurance is unnecessary 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.
No one can predict the future, but having life insurance will give you and your loved ones peace of mind. If buying life insurance is on your wish list in Happy Valley, OR, let Schmidt Insurance Group help you choose the best coverage. Stop in today and introduce yourself, or give us a call at (503) 206-0881 to learn more.
