Investing in life insurance often creates peace of mind for many people. Many people take solace in knowing that their loved ones will be taken care of once they pass away. There are different kinds of life insurance to meet the varying needs of different people at different stages and ages in life. There are also living benefits that you and your family can take advantage of, depending on your insurance policy. However, life insurance is an often misunderstood type of insurance in terms of who needs it and why. Our team at Einstein Insurance knows that life insurance can be confusing to navigate. As a result, we’re committed to helping Portland, OR residents understand it.
What is Life Insurance?
Life insurance pays a lump sum of money to your family or anyone you name as a beneficiary on your insurance policy. This lump sum of money is a death benefit that your beneficiaries can use in any way they see fit. Life insurance can also include burial coverage and any number of other benefits. Also, life insurance can be purchased for your entire life, referred to as "whole life insurance." You can also purchase life insurance for a specified amount of time or for a term, referred to as "term" life insurance. Other forms of life insurance exist as well. As a policyholder, you pay a monthly fee to maintain your life insurance coverage. It should also be noted that life insurance payouts are tax-free.
I’m only 18. Is it too early to invest in life insurance?
If you have long-term financial goals, there are benefits to investing in life insurance at a young age. You can often lock in a better rate that won’t change over the life of your policy. This is one benefit. If you have long-term financial goals, life insurance can be very helpful and may even provide some living benefits as well. If you have more questions about life insurance, call us at Einstein Insurance in Portland, OR. We’d be happy to help you explore your options.