Life Insurance
Life insurance is a wise investment for people who are concerned about the financial future of their families. If you have loved ones who depend on you for financial support, a life policy can provide the financial security they need if you were to pass on unexpectedly. The following life insurance facts from Shannon Jennings Insurance, LLC in Oregon explains more about life policies and what they have to offer.
Types of Life Insurance
Life policies generally fall into two categories: term life and permanent (whole) life.
Term life policies are time specific. You decide the length of your coverage upon purchasing your policy. You may want coverage only for the time your children are young or for the extent of your mortgage to protect your family against financial loss. If you unexpectedly pass on, your family will receive financial support to carry on.
Permanent life insurance lasts your entire life and accrues cash value as the years go by. Your loved ones will receive a death benefit plus savings from the cash value accumulated over the years upon your demise. These funds can be used to pay your funeral costs, replace lost income, pay off debts, and more. You can also borrow against your policy to meet significant financial needs in between.
Amount of Life Insurance Coverage
At Shannon Jennings Insurance, LLC, we can help you determine how much life insurance to buy as well as guide you to the right policy, taking into consideration your dependents or choice of beneficiaries, financial obligations, debts, and how you want benefits to be distributed.
Time of Purchase
The best time to purchase life insurance is when you are young and in good health. The older you become, the more costly your policy. If you develop specific health issues, you may not qualify for life coverage at all.
To learn more about life insurance options and costs, call or visit Shannon Jennings Insurance, LLC in Oregon.
While we are located in North Plains, Oregon, we serve clients all across Oregon, Washington, Idaho, Montana, & Utah.
