Life insurance is one aspect of American life that makes us skeptics shake our heads and wonder about paying out good money for something that we hope we´ll never need. Statistically, most of us won´t need it, so why buy life insurance? How can we get a reasonable deal, meet our insurance objectives, and avoid wasting money on unnecessary or inappropriate insurance solutions?
By the simplest possible definition, a life insurance policy, for which premium payments have been paid as agreed upon according to the terms of the contract, pays out to your beneficiary upon your death the value of the policy. From your viewpoint, the biggest advantage to carrying a life insurance policy is peace of mind knowing that in case of your untimely demise, your nearest and dearest will be clothed, shod, fed, and educated so they can make their way in an uncertain world with at least a minimal financial buffer to protect them. From their viewpoint, in your absence, they will have the means to make any necessary adjustments with somewhat less misery than if they would if not provided for.
In our current culture, life insurance is important. It ensures a meaningful degree of continuity in the event of loss and grief. But how do you ensure that you´ll be able to protect your family by the best possible means? The first decision you make about life insurance will probably be whether you want short-term coverage for a specified period or long-term, permanent coverage.
With term life insurance, coverage pays off if needed during a specific time period.
Permanent life insurance is purchased as a long-term policy that may serve as not only an insurance policy but depending on type, as an investment vehicle as well.
|Universal / Adjustable||
To get the best policy for your needs, you´ll need to find a good insurance agent who can answer your questions and guide you to the best possible solution. Life insurance is complicated by the variety of policies available so it will help to talk to an expert.
Information provided by Deschutes Insurance