Life Insurance Tigard, Oregon
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? If you are shopping for life insurance in the Tigard, Oregon area, look no further than Schmidt Insurance Group for excellent products and service.
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.
Reasons You Should Buy Life Insurance
You should know that 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. 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.
Here are some specific explanations about those previously mentioned reasons you should buy life insurance:
- 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 think that far ahead. Life insurance is a great way to protect your loved ones from big expenses after you are gone.
- Debt Elimination: 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.
- College Tuition Payments: 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.
- Investment Purposes: 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.
- Tax Payoffs: 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.
No one can predict the future but having life insurance will give you and your loved ones peace of mind. The Schmidt Insurance Group team can help you navigate all available options. If buying life insurance is on your wish list in Tigard, Oregon, let us help you choose the best coverage. Stop in today and introduce yourself or give us a call at (503) 506-4554 to learn more.
