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What
Is Life Insurance?
Life
insurance offers a way to replace the loss of income
that occurs when someone dies (usually the person who
produces the majority of income in a family situation).
It is a contract between you as the insured person and
the company or "carrier" that is providing
the insurance. If you die while the contract is in force,
the Oregon insurance company pays a specified sum of
money free of income tax — "cash benefits"—
to the person or persons you name as beneficiaries.
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Life
insurance quotes can vary up to 50%
among insurance companies. So shop around and get quotes from many different Oregon insurance companies!
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A
good life insurance program does more than just replace
the loss of income that occurs if you die. It should
also provide money to cover the new costs that arise
after your death — funeral expenses, taxes,
probate costs, the need for housekeepers and child
care, and so on. These cash benefits should provide
for your family's future needs as well, including college
education for your children and part or all of your
spouse's retirement needs. In almost all cases, your
beneficiary can use the cash benefits in the way he
or she sees fit, without restriction.
Some
types of life insurance offered by most Oregon insurance companies—
permanent life insurance
policies have a cash value that you can obtain by
cashing out the policy or by borrowing against it. Though
it can seem attractive, most financial experts agree
that this feature should be seen as a secondary
purpose of life insurance.
Do
You Really Need Life Insurance?
If
there is someone who would suffer economic hardship
if you died, then the answer is yes... you need life
insurance! Families with young children have a
clear need for life insurance. If both spouses work,
the loss of one income will cause the family immediate
economic hardship and make it harder for them to realize
future goals, such as paying for the children's' education.
But even if one spouse works "inside the
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Shopping
and comparing life insurance quotes
among Oregon insurance companies is easy thanks to the Internet
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home" and doesn't bring in a formal income,
his or her death will require the surviving spouse to
hire child care, housekeepers and other professionals
to help run the household - and that can be a significant
new expense.
If
you are married without children or single, then you
may need life insurance to protect your partner or surviving
family members against the costs associated with your
death. Funeral expenses, probate and administrative
fees, outstanding debts, special obligations to charities,
and federal and state taxes are costs that all
of us must consider. They can add up
quickly. Unless you already have sufficient financial
resources, your survivors will probably need life insurance
to cover these expenses. Consider applying for a free quote today. You'll receive a response from a qualified Oregon insurance professional.
What
Happens To Your Family If You Don't Have Enough Coverage?
Under
any circumstances, the loss of a loved one is a traumatic
experience. But, if your family is also
left without sufficient money to meet basic living
needs or prepare for future goals, they will have to
cope with a financial crisis at the same time. Depending
upon their current financial resources and abilit
y
to "get back on their feet" emotionally
and financially, your family might be forced to move to
a less desirable home or community, abandon education
and career plans, reorder family priorities (such as the
amount of time spent with the children) and, in
general, cut back on the quality of life you have
worked hard to achieve.
Your
family might even be forced to go into debt simply to
pay the expenses, like funeral costs,
taxes, and medical bills, that result from your death.
A moment's reflection will tell you that the lack of
sufficient life insurance coverage when a loved one
dies can have devastating consequences for a family...consequences
that can last for years.
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