Life insurance is an invaluable tool that many people use to pass wealth down to their kin or other, named, benefactors. The laws in Washington, Oregon, California, Arizona, and Nevada do not require life insurance, and so it is an option many choose due to the benefits it confers.
No matter your stage of life, indemnification helps protect the ones you love. Business owners may be able to help their survivors manage the companies they inherit through transition, by supplying the necessary income to continue managing payroll while navigating the inevitable changes in ownership.
Retired people can help ensure their surviving spouses can pay off a mortgage, and it can help put grown children through college. If there are children under the age of 18, life insurance is a good way to help see them through to adulthood. Adult children with special needs may need additional financial support, and this can be provided by life insurance.
A number of life insurance products exist for you to choose from, and the two major types include term and permanent. Your Northwestern Insurance Group LLC representative in Portland, OR can help you determine which services most suit your criteria.
Term life insurance is coverage that extends for a set period of time, such as 10, 20, or 30 years. It tends to be the least expensive and can be renewed when it expires.
Permanent life insurance lasts for the duration of the policyholder's life and can have an added savings component that lets you borrow against premiums paid. This must be paid back or else subtracted from the death benefit if still outstanding when the insured passes away.
We serve those who live in Washington, Oregon, California, Arizona, and Nevada, and we are here to meet your needs. We invite you to reach out to us via phone, stopping by, or online, and we can discuss your situation further. Our offices are located in Portland, OR and Bend, OR.