Best Life Insurance Companies in Beaverton

FAQs

• Which life insurance policy in Beaverton offers greater flexibility in terms of timing and premium payments?

  Universal life insurance in Beaverton provides substantial flexibility, exceeding other coverage options, in terms of timing and premium payments. Policyholders can choose their premium amounts and adjust the death benefit. Premiums go into a separate account, potentially accumulating cash value. During financial challenges, individuals can reduce or pause premium payments if there's enough cash value, making universal life insurance highly adaptable.

• What are the living benefits of life insurance in Beaverton?

  The living benefits of life insurance in Beaverton include the tax-deferred growth of cash value within the policy. This allows policyholders to access funds through loans or withdrawals, which can be used for various purposes, such as mortgage down payments and dependent tuition payments, providing valuable financial support during their lifetime.

• What are the available life insurance plans in Beaverton?

  Insurance companies in Beaverton offer term life insurance, which provides coverage for specific durations, often 10, 15, 20, or 30 years, making it ideal for short-term needs. Next, whole life, while less common, offers lifetime coverage. Lastly, universal life is both flexible and cost-effective. At the same time, indexed universal life allows participation in market returns with minimized risk.

• What are the things to consider before buying life insurance in Beaverton?

  Before purchasing a life insurance plan in Beaverton, individuals should identify the right coverage that suits their needs and goals. Note that factors like age, health, and lifestyle choices influence premiums. Completing the application will require personal and family medical history details, and applicants may need a medical exam. Comparing quotes from different insurers is essential to finding the best policy, precisely the coverage terms and provider strengths.

• How does life insurance work in Beaverton?

  Life insurance in Beaverton is a contractual arrangement guaranteeing that upon the insured person's demise, a predetermined sum, known as the death benefit, will be disbursed to chosen beneficiaries. Policyholders fund this benefit by paying premiums over their lifetime. When the insurer encounters financial difficulties, state guaranty funds may intervene to cover claims.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.