Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance… the list and combinations seem endless. Do you know which life insurance policy type is right for you? At High Desert Insurance Agency we can help. Our dedicated team of life insurance professionals understand Oregon’s market and regulations and can find the right plan – or mixture of plans – for your specific needs.
Term Life Insurance Basics:
Coverage for a “term” or period of your life.Lower premiums for higher coverage.Rates can change after specific terms expire.No equity – cannot be used as cash value.
Whole Life Insurance Basics:
Exactly like it says – permanent, not for a specific period.Protection carries with you your whole life.Can build equity and have cash value.Higher premiums than term life, but can be more valuable in the long run.
Term and Whole Life Combined:
Build lifelong base of whole life coverage.Supplement specific times of your life with term insurance.
Although every health insurance policy is different, typically you can work with your insurance agent to create a policy that best suits your lifestyle and needs. It is important to consider your financial situation AND the health of you and your family members when creating a health insurance policy. Most insurance agents can offer you two types of health care coverage:
Indemnity Plans (or Fee-for services plans)
Cafeteria/Flexible Spending PlansIndemnity Health PlansBasic & Essential Health PlansHigh Deductible Health Plans (HDHP)Health Savings Accounts (HSA)
Managed Care PlansHealth Maintenance Organizations (HMOs)Preferred Provider Organizations (PPO)
When to choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
When to choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Many times whole life policies will pay dividends – although not always.
With so many options many people find themselves overwhelmed when they receive life insurance quotes. Let one of our life insurance professionals put together the right life insurance quote for you. Contact High Desert Insurance Agency today for more information and get a free OR life insurance quote!