Types of Life Insurance in Oregon:
This is a good choice for your family in the earlier years when life insurance needs are the greatest. It is also very affordable for a high-level of coverage or face amount, and may make sense if you have a young family and/or your budget is tight. It provides protection for a specific period of time, and mainly pays a benefit only if you die during the term. This type of insurance makes sense when you have a need for coverage that may disappear at a specific point in time like college education for your kids or your mortgage.
This is permanent coverage for the rest of your life. It is a combination of life coverage with an investment fund, paying a stated, fixed amount on your death. Part of your premium goes toward building cash value from investments of the insurance company which are tax-deferred each year you keep the plan, and you can borrow against the cash accumulation fund without being taxed. The amount you pay usually does not change throughout the life of the policy.
This policy is a type of permanent insurance policy. It combines term insurance with a money market type investment that pays a market rate of return. To get a higher return, these plans usually do not ensure a certain rate.
- Variable Life and Variable Universal Life insurance
These are permanent policies with an investment fund tied to a stock or bond mutual fund investment. A such, returns are not guaranteed.
- Indexed Universal Life Insurance (IUL)
This is permanent life insurance offering death benefit protection when loss of life occurs. Like other forms of permanent life insurance, your premium payments may earn interest and grow cash values of your plan. What differentiates IUL from other permanent life insurance is the way interest is credited to the policy. In addition to the company offering its own declared interest rate, IUL also offers an interest option linked to the movement of a selected stock market index over a specific period of time. The manner in which interest is credited to your IUL policy gives you the potential for strong cash value accumulation. A key benefit is that it offers protection in a poorly performing market. With IUL, the credited interest rate is guaranteed to never be less than zero percent.
- Life Insurance with Living Benefits
This is a good choice if you want to have access to cash in times of difficulties while you are still living. If you face qualifying chronic, critical, or terminal illness, you can use it to pay for care or treatment not covered by your health insurance plan, household expenses, or anything helping you through a difficult time.