Life Insurance Lake Oswego, Oregon
If you live in Lake Oswego, Oregon, consider protecting the important things in life and the people you leave behind with life insurance from Schmidt Insurance Group.
Schmidt Insurance Group opened its doors in Lake Oswego in 2019 with a goal of making insurance easy while providing exceptional customer service. We proudly serve the local Portland area, and the entire states of Oregon and Washington. Our team is specially trained in high-net-worth households and can help you find the exact amount of coverage you need.
Whenever you need to make a policy change, have a question about insurance or billing, or need to report a claim, you can count on us to handle your request professionally and quickly.
We will also carefully review your policies as your needs change, helping to safeguard against costly coverage duplication, and potentially disastrous gaps in your insurance coverage.
Life Insurance Explained
While the idea of life insurance should be simple, the reality is, there’s a lot to know before you start making a selection. Because there are so many potential choices, we would like to provide you with a brief overview of your options. So, here’s life insurance explained:
Term Life Insurance
This is the simplest form of life insurance and the one that many financial advisors recommend. It is typically the most affordable and that’s because it only does one thing, it pays the people you choose a fixed amount of money if you die. However, it won’t be worth anything if you don’t die within the course of the term. But it is a proactive way to take care of your loved ones should that occur. Most policies will provide you with term limits set at 10, 15, 20, or 30 years. You pay your premium every month for that number of years and if you die within that time frame then your beneficiaries will receive whatever amount of insurance money you purchased.
Permanent Life Insurance
This is where life insurance starts getting complicated. This type of life insurance is attempting to do two things at once, serve as a life insurance policy while simultaneously acting as an investment account. These policies include a “cash value.” You can think of it like a savings account and like one, you can access it and borrow against it. The longer you have the policy the more the money that accrues in that account. These policies, unlike term life ones, don’t expire and will only stop if you quit paying your premium or die.
Whole Life Insurance
This option will cost you more for less insurance, but it does what permanent life insurance does as well in that it is insurance and a savings plan. The coolest thing about whole life insurance is that whatever premium you lock in at when you purchase the policy is what the premium will stay for the “whole” time you have the policy. So, this is a spectacular choice for people with young children who can get the policies at discounted prices. However, if the premium stops being paid then it’s a waste. These policies don’t gain as much cash value over time and since you are often paying more for them with less coverage, they probably shouldn’t be your first choice.
For life insurance in Lake Oswego, Oregon, contact Schmidt Insurance Group where our agents know their Schmidt when it comes to life insurance and can help you get the coverages you need. Come have a cup of coffee with us today or give us a call at 503.506.4554.
