Taking out a life insurance policy is something you need to do to ensure that your family receives financial support in the future, even if you pass away unexpectedly. At Allen & Associates Insurance Inc., we are a provider of life insurance in Albany, OR.
How many dependents you have
The more dependents you have, the more life insurance coverage you need. Every dependent increases the amount of money that those who are financially dependent on you will need.
Remember to consider your spouse’s financial needs, in addition to the financial needs of your children. If you make most of the family’s money, your spouse might also be depending on you financially. You’ll therefore need to increase your coverage amount to account for the needs of your spouse as well as your dependent children.
How long you will financially support your dependents
The younger your children are, the longer they’re going to be financially dependent on you. Therefore, you’ll need more coverage if your children are still infants than you might need for a dependent who is in college or who will soon be graduating from high school.
Any savings you have
Savings can reduce the amount of life insurance you need. If you have a significant amount of money in savings, this money can go to your dependents to provide financial support in addition to the death benefit of your life insurance policy.
When factoring in savings, also consider any debts you have. Creditors could get access to your savings accounts to satisfy your debt after you pass away. Remember this when factoring savings into your life insurance coverage needs.
Contact us to learn more about life insurance. We’re here to help consumers in Albany, OR meet their life insurance needs at Allen & Associates Insurance Inc.
Living in Oregon provides a great life, and ensuring that all you have worked for, your family, and loved one’s financial security, you might be thinking about exploring your life insurance options. Life can ruin our plans and risk our financial security in a heartbeat, so having the security afforded by a life insurance policy is the first step in assuring that protection. You probably have a great number of questions, and here at Allen & Associates Insurance, Inc, we specialize in providing you the information you need to make an informed decision based on the specific financial needs of your family.
What are Your Life Insurance Options?
For Oregon residents casting about for life insurance information, you will quickly notice that there are two types of available policies; whole life and term life policies. Which policy might prove best for you and your family depends solely on your individual circumstances and insurance goals. Speaking with a licensed life insurance agent from Allen & Associates Insurance, Inc. is the first step in discovering what your options are and develops a policy to meet those goals.
Contact our team at Allen & Associates Insurance, Inc.
Should you be thinking about protecting your loved ones against sudden economic calamity with the purchase of life insurance in Albany, OR, or want to understand the extent of your current coverage better, we invite you to talk to our knowledgeable and friendly insurance agents for a free, no-obligation quote. You get more than just peace of mind with a life insurance policy from Allen & Associates, so contact our office today, so we can find a policy that fits your family’s financial security needs.
One of the significant decisions you’ll need to make when purchasing life insurance is whether to take out a term or whole life policy. At Allen & Associates Insurance, Inc., we offer both term and whole life insurance policies in Albany, OR.
The following are three reasons why term life insurance might be the best solution for your needs.
Term life insurance typically doesn’t cost as much as whole life insurance.
The least expensive life insurance solution is term life insurance. Although term life insurance won’t accumulate value over time like whole life insurance, it will require a significantly smaller investment every month in premium payments.
If your main goal with life insurance is getting a death benefit payout in the event of an untimely death rather than long-term savings, term life insurance is the best solution.
Term life insurance can be a shorter-term commitment than whole life insurance.
A whole life insurance policy is expected to stick with you for the rest of your life. However, a term life insurance policy will only last a predetermined number of years. If you’re looking for relatively short-term coverage, term life insurance is probably an ideal option.
Term life insurance is flexible so that it can easily be adjusted to changing needs over time.
The financial needs of you and your family are going to change over time. This is especially true if you’re young and you have a young family.
For this reason, having a flexible life insurance policy is essential. You can adjust your term life insurance policy as time goes on so that your life insurance continues to meet the needs of you and your family.
Do you have more questions about term life insurance in Albany, OR? At Allen & Associates Insurance, Inc., we’re happy to answer your questions. Get in touch with us to learn more about our term life insurance policies.