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Life Insurance

from Spangler Insurance

Life Insurance

How Will Your Loved Ones Get By When You’re Gone?

Have you ever worried about how your family would survive if you were to pass away first? Many of our clients here in Washington have this legitimate concern. Would their loved ones be able to stay in their family home, and would they be financially stressed?

Fortunately, life insurance can put these fears to rest. It’s designed to take care of your family members after you’re gone. They won’t have to make terrible sacrifices on top of grieving, and you’ll know they’ll be okay financially. Life insurance can be used to cover funeral expenses, pay off debt, cover college expenses, and replace your income in the family budget.

When Is the Best Time to Buy Life Insurance?

Many customers ask, "When is the best time to buy life insurance?" Actually, an adult can get a life insurance policy any time they like. However, there are certain events that we suggest people use to evaluate their need for life insurance or upgrade their existing life insurance:

  • Getting married
  • Birth or adoption of a child
  • Becoming a grandparent
  • Starting your own business
  • Buying a home
  • Undergoing changes to your health
  • Having a family member become unable to care for themselves
  • Other major life changes

We always say earlier is better with life insurance. Why is that? Life insurance is a bit like a retirement account: the sooner you start putting money away, the more you have in the end. Also, if you wait until you’re older or have health problems, it can be harder to find a good policy, especially one that’s affordable.

What Are the Different Kinds of Life Insurance?

Term life insurance

Term insurance covers you for a set period of time, usually for 10, 15, 20, or 30 years. Although your policy expires at the end of that period, you can typically renew it or convert it to a whole life policy. This is where many people start out when purchasing life insurance.

Whole life insurance

This life insurance, by contrast, has no expiration date. Whole life insurance policies can, in most cases, be used like a savings account — you can borrow against them (albeit with a tax liability).

Universal life insurance

Universal life blends elements of both term and whole life insurance. It doesn’t expire and carries a cash value, but it offers more flexibility when it comes to adjusting the premium and death benefit.

Our Independent Agents Can Help You Select the Right Policy

Which type of life insurance is right for you? It can be challenging to make a decision. That’s why our independent agents at Spangler Insurance are here to help. We can give you the attention you deserve to find a policy that takes into account the unique aspects of your life and family needs.

Call us at 206-329-7447 with your questions. Or reach out online to start a quote at your convenience.