Best Life Insurance Quotes For Burlington Washington

Washington State Family Owned Agency Since 2000​

LIFE INSURANCE: WHAT YOU NEED TO KNOW​

With life in general full of uncertainties, planning ahead can save you lots of trouble in the future. Your health and well-being should always come first when planning for the future, which is the reason you need some form of life cover. Life insurance helps take care of your loved ones should you pass away. The coverage may however vary from one policy to another, with some policies taking care of funeral expenses and offering lump sums to beneficiaries for a specified period. You therefore need to know and understand the different policies to be able to choose the most appropriate one.​

LIFE INSURANCE POLICIES NEED TO BE ADAPTABLE

One thing you should be aware of about life cover is that it should change as you advance in life. For instance, the insurance policy should be updated as your financial capacity and personal needs advance in life. Some of the key factors that influence life insurance policies include:

  1. ​Marriage or divorce
  2. Having a child
  3. Owning a business
  4. Health deterioration
  5. Dependents
  6. Long-term care requirements
  7. When buying a new home
  8. When planning for a child’s education
  9. Retirement income
  10. Acquired inherited property
  11. Acquiring a large estate

Keeping your life insurance policy updated is crucial as it helps project both current and future needs. Outlined below are the different types of insurance policies that you can choose from.​

1. TERM LIFE INSURANCE

Term life insurance is specially designed for individuals without any form of life cover. The policy, however, provides protection for a specified period of time, after which the holder can decide to renew or cancel it. Term life insurance is considerably less expensive as compared to the more comprehensive permanent life insurance. It is also highly flexible, meaning policy holders can determine how much cover they need ranging from 6 months to 20 years. Policyholders can choose to transfer this cover to permanent cover too.​

2. PERMANENT LIFE (WHOLE LIFE) COVER

This policy is designed to offer protection throughout the holder’s lifetime. The amount of cover is however dependent on the premiums specified in the policy. Unlike term life cover, whole life cover does increase in value, hence more beneficial in the long run.​

3. UNIVERSAL LIFE INSURANCE

Universal life insurance can be best termed as term life and permanent life cover combined. The policy is flexible enough to have an unbundled pricing structure, varying face amounts, and is highly adjustable. In addition to this, the policy does appreciate in the same way permanent life cover does. In other words, universal life cover is considered the best option for individuals with varying needs and capabilities.​

LIFE INSURANCE BENEFITS

The benefits of being a life insurance policy holder are immense. For starters, you get to have peace of mind knowing that your loved ones and other dependents will be taken care of, financially. It is with peace of mind that you can focus on the more important aspects of life, such as appreciating yourself.​

The other benefit of being a policy holder is that your beneficiaries get to earn tax-free income in a lump sum. The funds provided can be used to pay for estate taxes, education, funeral expenses, etc. The family members/dependents can use the policy as security in business, especially in partnerships. This goes a long way in preventing forced liquidations if any.

​Universal and whole life insurance policies earn tax-free interest over time. The earned interest increases the amounts the beneficiaries receive at the end of it all. In addition to this, they don’t have to pay any tax from withdrawing the lump sums. Another added advantage of having either of these policies is that you can use the policy to secure loans. You could use the loans to pay for your children’s education, down payment for a house, or even a car.

​The decision to buy life insurance shouldn’t be made overnight. Serious planning, and possibly consultations, is needed to ensure you only pick the right cover adequate enough to sustain your future needs. Understanding the various policies offered also gives you a better chance to pick the most appropriate one for that moment. Term life may come in handy if you can foresee a dangerous or life-threatening issue in the future. Whole life policies however offer complete peace of mind knowing you and your loved ones are taken care of even after you are gone.