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Life Insurance

from Spangler Insurance

Life Insurance

What Happens to Your Loved Ones Once You Pass?

When you pass away, how will your family survive? Will they undergo horrible financial stress without you, the breadwinner? Would they have to move out of the family home?

If you’ve lost sleep over these worries, it’s time to explore life insurance. Our clients here in Seattle say it gives them more peace of mind to know they have an insurance policy that will take care of their loved ones once they are gone. Life insurance can be used in a multitude of ways:

  • Replace lost income
  • Pay off outstanding debt
  • Cover funeral expenses
  • Pay for kids’ college expenses
  • Give a spouse a financial cushion

When Should You Buy Life Insurance?

We get asked this question all the time. You can buy life insurance anytime as an adult. But you should certainly consider getting a life insurance policy concurrent with these major life events:

  • 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

The general rule of thumb is that it’s always better to buy life insurance too early rather than too late. That’s because it can increase in value over time, making it like a savings account. Additionally, you may be declined coverage later if you develop health problems. Or you may find decent policies are too expensive.

What Are the Three Types of Life Insurance?

Term life insurance

This insurance, which is where many people start out, only covers you for a predetermined time period of 10, 15, 20, or 30 years. Once your policy expires, you can usually renew it or convert it to a whole life insurance policy.

Whole life insurance

Unlike term insurance, whole life insurance doesn’t expire. It’s like having a retirement account you can borrow against, although you will likely have to pay taxes on any amounts withdrawn. The longer you have a whole life policy, the more value it accrues.

Universal life insurance

For a blend of term and whole life insurance, try universal life insurance. It does maintain a cash value and never expires. However, it gives you greater flexibility to adjust your premium and your death benefit.

Which Type of Life Insurance Is Right for You?

Our independent agents at Spangler Insurance are here to assist you with this question. Since your situation is unique, we’ll help you select a policy that’s right for your one-of-a-kind needs. And you’ll get the benefit of our personalized service and wide choice of insurance products, too.

Call us at 206-329-7447 when you’re ready to learn more. Or get in touch online to start a life insurance quote today.