Life Insurance Companies in Washington

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Life insurance is one way to provide for family members in the event of your death.

There are two main types of life insurance – Term and Permanent (Whole) Life. Two subcategories of Permanent Life are traditional whole life and universal life.

Term versus Permanent (Whole) Life Insurance

If you have temporary needs and/or your financial resources are limited, term insurance is a good choice because it provides coverage for the specific period of time needed. In other words it provides payment to your loved ones only if your death occurs during the specific period covered, usually one to 30 years.

There are two main types of Term Life insurance – level term and decreasing term. As long as the policy is maintained, level term pays out the same amount regardless of when you pass away. While with a decreasing term policy, the payment that would occur at death drops, typically in one-year intervals, over time.

However if you want to provide for support for a longer period of time such as for a spouse or child in the event of your untimely death, permanent insurance such as Whole Life or Universal Life, may be the better choice. Permanent insurance typically costs more initially, but it can increase in cash value over time.

Permanent Life pays a death benefit regardless of when you die. Age does not matter, even if you are over 100 years old.

In some situations a combination of both Term and Permanent insurance may be the right choice.

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Our life insurance agents are happy to help you identify the right life insurance solution set based on your individual financial goals and circumstances.

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