Investing in life insurance often creates peace of mind for many people. Many people take solace in knowing that their loved ones will be taken care of once they pass away. There are different kinds of life insurance to meet the varying needs of different people at different stages and ages in life. There are also living benefits that you and your family can take advantage of, depending on your insurance policy. However, life insurance is an often misunderstood type of insurance in terms of who needs it and why. Our team at Einstein Insurance knows that life insurance can be confusing to navigate. As a result, we’re committed to helping Portland, OR residents understand it.

What is Life Insurance?

Life insurance pays a lump sum of money to your family or anyone you name as a beneficiary on your insurance policy. This lump sum of money is a death benefit that your beneficiaries can use in any way they see fit. Life insurance can also include burial coverage and any number of other benefits. Also, life insurance can be purchased for your entire life, referred to as "whole life insurance." You can also purchase life insurance for a specified amount of time or for a term, referred to as "term" life insurance. Other forms of life insurance exist as well. As a policyholder, you pay a monthly fee to maintain your life insurance coverage. It should also be noted that life insurance payouts are tax-free.

I’m only 18. Is it too early to invest in life insurance?

If you have long-term financial goals, there are benefits to investing in life insurance at a young age. You can often lock in a better rate that won’t change over the life of your policy. This is one benefit. If you have long-term financial goals, life insurance can be very helpful and may even provide some living benefits as well. If you have more questions about life insurance, call us at Einstein Insurance in Portland, OR. We’d be happy to help you explore your options.

Few understand the importance of life insurance. According to the Life Insurance Marketing and Research Association (LIMRA), nearly half of all U.S. consumers are without even basic coverage. Their most recent report, "Facts About Life 2021," details the misinformation and misconceptions that surround life insurance.

Luckily, Einstein Insurance is willing to set the record straight. Serving the greater Portland, OR community, we understand how valuable life insurance is at every stage of life.

Here are the top five benefits of purchasing a life insurance policy:

Protect your family

Life insurance isn’t for you. The main purpose of these policies is to protect your loved one. After you pass, life insurance will continue to provide for your family.

Replace lost income

In LIMRA’s report, 42% of those surveyed expressed financial hardships if a wage earner were to pass unexpectedly. Life insurance helps fill this gap, supplementing lost wages and minimizing this burden.

Pay off debts

Bills won’t stop just because you’re gone. To prevent them from piling up, the payout from a life insurance policy could go towards a mortgage, loan, or other outstanding expenses.

Cover burial costs

This is the main reason individuals purchase life insurance. In fact, 83% of all participants in LIMRA’s survey cited this as their sole motivation for owning a life insurance policy.

Added financial security

There’s no price tag on peace of mind. Life insurance is a security blanket, shielding you, your spouse, and your children from the unexpected and the unpredictable.

Contact Us Today

Einstein Insurance in Portland, OR is here for more than just education. In addition to busting these myths, our dedicated team can create a personalized life insurance policy that’s right for you and your family. Call to set up an appointment today.

Einstein Insurance serves the Portland, OR community. We are an independent agency. We offer our clients custom insurance policies designed to minimize risks. Finding the right insurance policy can be complicated. That’s why we take time to assess our client’s needs on an individual basis so that they can find coverage that specifically aligns with their personal situation. We have partnerships with multiple carriers throughout the Pacific Northwest.

Exploring The Different Types Of Life Insurance Policies

You may strive to make the most of every day as a Portland, OR resident. However, you have to plan for the future at some point. Accidents can happen at any moment. In the unfortunate event that something was to happen to you, life insurance allows you to leave something in place for your loved ones. The policy helps your family finalize your affairs and may help with funeral arrangements. If you are a business owner, life insurance can help cover the future of your business and ensure that there is a smooth transition. It also allows you to leave something behind for your children.

Term life insurance is a common option. This allows you to maintain coverage for a specified period of time. The majority of term life policies provide coverage for 15-20 years. Whole life insurance is another option. Whole life insurance covers you throughout your entire lifespan. The policy ensures that you will have coverage in place to assist with your funeral arrangements after you have passed away.

You can also find coverage through your employer. Group life insurance policies provide coverage to the entire workforce. Individual life insurance policies provide more flexibility.

Einstein Insurance Will Help You Cover Your Assets

Visit our website to learn more information about life insurance.