No one would like to start planning for their own demise. However, if there are people you care about and you wish to leave them financially stable when you are no longer around, then you need to start shopping for life insurance policies as early as possible. At Molina Insurance Group Inc., we understand that choosing the right life insurance package is crucial as it is the foundation for a sound long-term financial plan.
While life insurance isn’t mandatory in Oregon, residents can rely on the state insurance code to standardize life insurance policies. This allows you a 30-days grace period on late payments and a 30-days death benefit processing period.
There are several coverage options that you can consider when purchasing life insurance, but they all fall into two major categories, which include:
Term Life Insurance
Term policies offer coverage for a specified period of time, often between 5 to 30 years. The beneficiaries receive benefits only if the insurer passes away during the specified time. The policy expires once the term is over. But, most of the term policies are flexible since they can be converted to permanent solutions. This policy guarantees a fixed premium, plus it’s cheaper.
Permanent Life Insurance
Permanent life insurance does not expire, it stays active for as long as you keep updating your premiums. It’s the best choice if you have long-term financial needs and its best purchased when you are still young. The best part of this policy is that over time, it accumulates cash value on a tax-deferred basis, hence serves as an investment plan. Permanent policies are also categorized into two: whole life insurance, which requires our premiums to be paid as stated in the policy, and universal life insurance that is categorized by flexible premiums.
Contact Molina Insurance Group Inc. agency to walk you through the best Oregon life insurance policies for you and your family. Get a quote today.