Life Insurance Portland, Oregon
If buying life insurance in Portland, Oregon is on your radar, taking the time to understand how it all works before making a decision will save you time and money. Let the experts at Schmidt Insurance Group provide the information you need that will help you choose the best coverage.
Schmidt Insurance Group opened its doors in 2019 with a goal of making insurance easy while providing exceptional customer service. We proudly serve Lake Oswego, the local Portland area, and the entire states of Oregon and Washington. We are specially trained in high-net-worth households and can help you find the exact amount of coverage you need.
To help you better understand life insurance, our experts have provided answers to some of our most frequently asked questions:
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.
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 Insurance is Necessary?
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 Life Insurance be Purchased for Other People as a Gift?
Yes! When you want to give a child a financial head-start and show how much you care about their future, whole life insurance can be the perfect gift. Whole life insurance policies have a cash value that grows over time. As adults, your recipients could use the money to help pay some of their college tuition, fund a wedding, or even as part of a down payment on a home. The Schmidt Insurance Group team can help you navigate all available options.
At Schmidt Insurance Group, our agents know their Schmidt when it comes to life insurance and can help you get the coverage you need in Portland, OR. Come have a cup of coffee with us today or give us a call at (503) 506-4554 to learn more.
