Choosing a Life Insurance Policy in Port Orchard, WA

by | Aug 1, 2013 | Insurance

Many people never think of life insurance in Port Orchard WA as important. If you struggle with finances, it is understandable that you don’t want to take on another expense. However, life insurance can prevent your family from facing further financial set backs by giving them something to fall back on in case of your death. You never know what may happen. You could be healthy one day and be diagnosed with cancer and other illnesses that shorten you life the next day. It is smart to be ready. The problem is choosing between whole life and term life. You should know the differences between these two types of Life Insurance in Port Orchard WA.

Your budget will determine which one you choose. Consumers often choose term life because it is less expensive. Term life provides you coverage for a pre-set number of years like 15 years or 20 years. You are required to pay monthly premiums and the policy pays out one lump sum to the beneficiary. If you were to die after the policy expires, there will be no pay out. This means you must make certain you have adequate coverage and a suitable term set. You can choose from a flat rate which provides you a fixed rate from the start of the policy. These rates are not supposed to change. The family income benefit option will pay the beneficiary a steady wage rather than a lump sum.

Whole life insurance is the most expensive of the two, but it is more flexible. Whole life insurance lasts the duration of your life. It can offer family protection, personal coverage, and inheritance tax planning. Whole life can be used with term life to pay certain debts. The main advantage of whole life is there will be a payout as long as you pay premiums.

The kind of Life Insurance in Port Orchard, WA you get depends on your needs and the beneficiaries. Families will likely benefit more from whole life insurance. A good rule to follow is choose policy ten times your income. Life insurance is a worthwhile investment. Come see an Insurance Agent in Port Orchard, WA today.
Contact H&K Agency, Inc. for more detail on life insurance policy in Port Orchard, WA.

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