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Three Major Types of Life Insurance in Port Orchard, WA

Most people do not like to think about life insurance, because they do not want to entertain the idea of death. Whether you want to think about it or not, you need to have a financial plan for the loved ones you leave behind. Many people opt to invest in life insurance policies to secure their family’s lifestyle and leave a legacy behind for their family. The major challenge that most people face is deciding which type of life insurance policy will be the best for their needs. There are three major types of life insurance in Port Orchard, WA. They include:

* Whole Life Insurance

* Term Life Insurance

* Return of Premium Insurance

Whole Life Insurance

This is a type of life insurance policy that covers your whole life, provided you pay all your premiums. It is designed for people who want to leave a legacy to their family, and it also offers an automatic savings plan for your family members who are marked as beneficiaries. This plan is more costly, but it is a good option for people with an estate that is taxed heavily.

Term Insurance Option

This is usually the most affordable type of life insurance policy. However, it only provides for a temporary need. Most people opt to apply for life insurance when they have children or they get married. It is specially designed to financially provide for your dependents in the event of your death. Since it is meant for a temporary situation, most people do not require a term life insurance policy for more than thirty years or so.

Return of Premium Insurance

This is a special type of life Insurance that allows you to enjoy the benefits of both life and term insurance policies. It is affordable, and you can get your money back if you out live your policy. The money you spend on the life insurance will be returned to you whether you get it in benefits to your dependents or you want to get it back yourself.

With the many different types of life Insurance in Port Orchard, WA, it is really important you discuss all your options with an insurance representative from H&K Agency Inc. before deciding which policy is right for you.

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