Most people realize they need life insurance, but it is an easy decision to put off until later. There are some serious benefits to buying insurance earlier. If you have debt, are married or starting a family, or you are a business owner you may want to contact Mt. Hood Insurance today.
How Does Life Insurance Work?
Like automobile insurance, a life insurance policy can be extremely basic, or it can have features included that make it much more complex. It depends on the choices you make when choosing the types of life insurance policies and the optional features you add to your policy.
A life insurance policy is not an off-the-shelf commodity you should choose based strictly on price, no matter what television advertisers may imply. There are many different types of life insurance policies that are used for many different things. Life insurance is a contract between you and the carrier, you agree to pay certain premiums and upon your death, they agree to pay your beneficiaries the agreed upon policy benefit.
How To Pick Your Life Insurance Policy
Unlike other insurances, there is not an exact rule of thumb to determine the right policy for you. It is a personal choice that includes sources of income, how many dependents you have, your debts, and what the purpose of the policy is for. However, a general guideline you may find useful is to obtain a policy that would be worth between five and 10 times your annual salary in the event of your death. No matter how much you decide to purchase, the most important factor is that the premiums are affordable because this is a policy you intend to keep for years to come.
If you are looking for a life insurance policy in Gresham, east county, or the greater Portland area we can find the right policy for you.
Call us today at 503-808-1111