Life Insurance Quotes Lake Oswego
At Schmidt Insurance Group, we can help you navigate all available life insurance options in Lake Oswego, OR, and provide you with customized quotes to protect your family, your property, and your business.
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? Schmidt Insurance Group provides excellent products and service and can help you find the coverage you need.
Why Buy 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, pay for your child’s future education, and cover other expenses that might come up after you pass away.
We’ve provided five good reasons to consider buying life insurance.
Pay Burial 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 plan that far ahead. Life insurance is a great way to protect your loved ones from big expenses after you are gone,
Pay Off 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.
Pay for your Child’s 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.
Build Cash Value
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 a financial emergency occurs down the road.
Pay Estate Taxes
As of 2019, if your estate is worth more than $11.4 million when you die (or $22.8 million for married couples), your heirs will probably owe estate taxes and inheritance taxes on the assets you leave behind. Purchasing a life insurance policy can help cover the costs and keep your estate intact.
If buying life insurance is on your wish list in Lake Oswego, OR, let Schmidt Insurance Group provide you with quotes for the best coverage. Stop in today and introduce yourself, or give us a call at (503) 206-0881 to learn more.
