Life Insurance in Oregon

Allen & Associates Insurance Inc. provides life insurance for Albany, Oregon residents. You may be under the impression life insurance is not as essential as other insurances, but life insurance is one of the most important for many reasons. Here are the benefits of maintaining a life insurance policy.

Peace of Mind

Like with other types of insurance, life insurance gives you peace of mind knowing your loved ones have a way to maintain their lifestyle after you're gone. With a life insurance policy, you don't have to worry about your loved ones footing the bill for all the expenses you leave behind. Your loved ones will be grieving and upset. They shouldn't have to deal with anything else at the time, especially finances.

Life insurance is unlike any other type of insurance because:

• Death benefits are tax-free
• Policy loans are tax-free
• A life insurance policy could possibly be exchanged for a different life insurance policy (or annuity)
• Cash withdrawals are considered first-in, first-out (FIFO)

Types of Life Insurance

The two types of life insurance are whole and term life insurance.

Whole life insurance:

• Works as a forced savings option
• Merges life insurance with investing
• Enables you to take out a loan against the cash value of the policy

Term life insurance:

• Is easy to understand and use
• Is the least expensive coverage available
• Does not have a savings or investment component
• You will only lose the premium if you choose to abandon the policy
• You can take advantage of low rates if you purchase it while you're young

How Much Coverage Should You Have?

The total amount of coverage you need depends on different variables, including your age, sex, and how much insurance you can afford. Your location is also a determining factor for the amount of coverage you may need. Most times, it is recommended your life insurance policy is at least seven times your annual salary. You will want to increase this amount of you have children or a lot of debt.

Here at Allen & Associates Insurance Inc., we provide life insurance and other insurances to the residents in Albany, Oregon. Contact us now and allow us to help you with all your insurance needs.