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Ferndale, Washington Individual Life Insurance

Ferndale, Washington Individual Life Insurance

So you're thinking about life insurance? We can tell you it's the right thing to do for your beneficiaries because we've been there to deliver the checks. We understand that this is a big decision with many moving parts and our guarantee is that we will take the time to find the best coverage for your individual needs. Deciding on the right Individual Life Insurance policy usually depends on your future goals. Whether you wish to provide a tax free income for your beneficiaries, have funds for the payment of the final expenses or estate taxes, replace the income that is lost if you die, or provide a significant charitable contribution, we can help you chose the policy that will fit your needs at an affordable price.

Individual Life Insurance can be important for:

  1. A source of savings - If not paid out by death benefit, some types of life insurance can have a cash value.
  2. Final expenses - using life insurance to pay for funeral and burial expenses.
  3. Income for dependents - a life policy can provide much needed income for your dependents when you die. Many times this is used for children, but can also be used for a partner that has a loss of income.
  4. Inheritance - using a life insurance policy as an inheritance even if you don't have substantial assets to pass on to your beneficiaries.
  5. Used to pay taxes
  6. Making a charitable contribution

Life Insurance options in Ferndale, Washington

Generally age and health are the most important factor in the premium you will pay. Although you can purchase a policy at any age, the younger you are the more affordable the policies will be.

All life insurance policies are designed to pay a benefit when someone dies. The two most common types of life insurance are Term and Whole (or Permanent) policies.

Term Insurance is usually the most affordable type of coverage. The term of the policy usually lasts between 1 and 30 years and pays only if a death occurs during the policy term. Most term policies have no other benefit provisions. Term policies can be level term which means the death benefit will remain the same throughout the duration of the policy, or they can be decreasing term which mean the death benefit drops over the course of the policy's term. When the policy term ends, you may or may not qualify for new coverage based on your health, and based on your age, the cost of the premium may be too high to be affordable.

The advantage of Whole or Permanent Insurance is the death benefit and premium will usually remain the same during the duration of the policy. These policies can also build cash value which may be withdrawn or loaned similar to a savings account.

The 3 types of Washington whole life insurance are traditional whole life, universal life, and variable universal life, and there are variations within each type.

Just take a glance at our trusted Life partners scrolling below. You will see a few companies that have been in business for over 100 years. The most important factor your life insurance company can provide is trust. Trust that they will be around and able to pay the claim when the claim is made 10, 20, 30 or 50+ years from today. Our agents at SafeWest Insurance can guide you through the different types of Washington life insurance policies available and help you chose the policy and company that will best fulfill your unique needs and goals.