LIFE INSURANCE IN VANCOUVER, WASHINGTON
Applied Team Insurance offers a variety of life insurance products. Our knowledgeable agents can help you navigate through all the options and details to find the policy that’s a fit for you.
WHAT IS LIFE INSURANCE & HOW DOES IT WORK?
Life insurance is a legal contract between a policy holder and an insurance company. The agreement stipulates that the insurance company will pay a sum of money (aka benefits) to a designated beneficiary upon the policy holder’s death. Depending on the terms, other events — such as terminal illness or critical illness — may also guarantee a payment to the policy holder or beneficiary.
The policy holder pays a premium, either in regular installments or as a lump sum. Other expenses, like funeral costs, are often included in the benefits. But, it pays to review your policy’s specifics with a licensed agent.
WHAT KINDS OF LIFE INSURANCE ARE THERE?
While there are different types of life insurance, all policies include terms that define insured events. Exclusions — such as suicide, fraud, war, riot and civil unrest — apply in many cases and limit the liability of the insurer. Be sure to consider all terms carefully before purchasing a policy.
Life Insurance Categories
There are two major categories for life insurance:
- Protection Policies: These policies provide a benefit, typically a lump sum payment, to a beneficiary for a covered event.
- Investment Policies: The main goal here is to facilitate growth of capital.
Types of Life Insurance
It’s important to understand the three types of life insurance available in Vancouver, Washington.
- Term Life Insurance: This insurance provides protection for a specific timeframe, for instance, 20 years. It’s generally less expensive than whole life insurance. You can usually convert a term life insurance policy into a whole life insurance policy.
- Whole Life Insurance: This form of life insurance remains in force your entire lifetime, as long as you pay your premium. Because they build value over time, whole life insurance policies can be used as an investment.
- Universal Life Insurance: This insurance has flexible premiums but can also build value like the whole life policy.
WHY SHOULD I GET LIFE INSURANCE?
People buy life insurance for many reasons. One big reason to get it is the peace of mind it may offer to your beneficiary. The benefits can ease financial hardships that may result from your passing.
Others take out a life insurance policy to receive payouts during retirement. There are benefits and drawbacks of such a program. If this is of interest, it’s worth discussing with your agent.
PICKING THE RIGHT-FOR-YOU LIFE INSURANCE
Selecting the proper kind and amount of life insurance coverage is no easy task — if you go it alone. Fortunately, the highly qualified agents at Applied Team Insurance are here to accompany you through the process. They’ll explain your life insurance options and help determine which policies may suit you best.
Vancouver, WA 98662
Fax Number: 360-258-1026
Save Time & Money
Our licensed agents are discount detectives. Ask an agent today about what discounts you may be eligible for on your insurance in Washington.