Best Life Insurance Companies in Seattle

Frequently Asked Questions

• What term length of life insurance should you get in Seattle?

  Life insurance term length refers to the duration of the policy's lock-in rate and varies per person's unique needs and goals. In Seattle, different life insurance term lengths are available, ranging from 10 to 40 years. A shorter life insurance term of 10 to 15 years may work better if you are on a tight budget. If your goal is to cover your children's needs, a 20-year life insurance term is recommended. For long-term financial planning, a better option is a 30-year life insurance term.

• What is the difference between permanent and term life insurance policies in Seattle?

  In Seattle, a term life insurance policy covers the policy owner for a distinct period; that's why it's called "term." It usually lasts 10 to 30 years but can also be renewed. Meanwhile, a permanent insurance policy offers lifelong financial coverage and a tax-free cash payout. It may come with a cash value component that grows over time, which you can borrow in case you need collateral for a loan or surrender for extra income.

• Will your Seattle employer's life insurance benefit still cover you if you are unable to work due to an illness or disability?

  In Seattle, most group life insurance plans allow coverage to continue while an employee is sick or disabled without any requirement to pay premiums. You should check with your human resources personnel to see if you can receive a life insurance waiver of your premium. Eligibility for the waiver of premium benefits may end at the age of 60 or 65, depending on the insurance provider's terms. Other types of life insurance allow a waiver of premium benefits as long as the disabled employee cannot perform the duties of their regular occupation.

• Will a life insurance policy in Seattle be void if the policy owner commits suicide?

  Most life insurance policies in Seattle have exclusions for suicide. No insurance company will approve your life insurance application if you have plans to end your life. However, unless the insurance company doesn't have clear evidence that the policy owner committed suicide, the benefits should be payable. Some insurance companies still cover suicide after the life insurance has been paid for two years or more. Policies still vary per provider and under unique circumstances per state.

• Can you reinstate a lapsed life insurance policy in Seattle?

  Yes, it is possible to have a lapsed life insurance policy in Seattle reinstated, depending on the company's policies. You can call your insurance provider to complete a reinstatement application and make up for missed payments if you reinstate your policy within 30 days after the grace period. If you reinstate life insurance after 30 days to six months, you may need to answer health questions and sign an agreement stating that your health has not changed since the initial policy was issued.

• 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.