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Hey Lynnwood, Need Life Insurance?

Living in Lynnwood and looking for life insurance? Get the coverage you need to protect your family from your unexpected death. Life insurance can be used to provide for a family member’s loss of income, cover short-term debts and payments, provide additional protection for those with children, and provide long-term coverage to help your family pay off the mortgage or help with college education expenses. It can also be used to keep your Lynnwood estate in order, to provide care for a special needs child, or for business planning.

There are different term lengths you can choose from with term life insurance or you can get covered for life with a whole or universal life insurance policy. How much life insurance you need depends on your age, your children’s ages, your Lynnwood mortgage payments, and whether you want to provide money for college or an inheritance. Use our calculator to find how much life insurance is enough for your family living in Lynnwood.

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Term Life Insurance

Term life insurance provides coverage at a fixed rate for a limited period of time, whether that be ten, fifteen, twenty, or thirty years. Because you only pay for term life insurance for as long as you need it, it is the most affordable of life insurance plans. Generally, you will pay premiums monthly or annually, and your family is protected during that term. After the term is over, the previous premium rate expires and will increase. You can choose to continue the coverage at a higher rate or cancel the policy. If the policyholder dies during the term, their income will be replaced by the death benefit and will be paid to the beneficiary. Term life insurance can be used to provide for a family member’s loss of income, cover short-term debts and payments, provide additional protection for those with children, and provide long-term coverage to help family pay off the mortgage or help with college education expenses.

Whole Life Insurance

Whole life insurance, sometimes called straight life or ordinary life, is a life insurance policy that stays in effect for the policyholder’s entire life.  It definitely costs more than term life, but it is designed to provide coverage for your entire lifetime. A well-designed whole life insurance policy has more to it than just a death benefit.The death benefit can help replace the loss of income of the deceased. It can also help with mortgage costs or educational expenses. Over time, the whole life insurance policy builds a cash value that grows tax-deferred. This can be accessed during your lifetime. With whole life policies, you can get coverage for your entire lifetime, but only pay premiums for a set period of time. Because of this, the premiums are usually higher than term life insurance policies. There are different ways you can pay for whole life insurance. This decision can be made based on your current income.

Universal Life Insurance

Universal life insurance is a type of cash value insurance. The premiums are paid in your policy’s account value, where it earns interest. Every month, deductions are taken from the account to pay the life insurance premiums. You can make withdrawals or take loans from the account as needed. The policy will remain in place as long as there are enough funds to cover the monthly premium. It is a flexible plan that allows you to raise or lower your coverage based on your current needs. Universal life insurance is typically used to provide income loss, cover mortgage payments, and educational expenses. It can also be used to access your cash value if you get in a sticky financial situation.

Buy-Sell Agreement

A buy-sell agreement is a legally binding contract between co-owners of a business. It essentially conducts the affairs if your or your co-owner dies, becomes disabled, retires, is forced to leave the business or chooses to do so. The agreement requires that if one of the business owners is no longer a part of the business, that their share is sold to either the business or the remaining owners. If a co-owner is no longer a part of the business, you can use the funds from the buy-sell agreement to buy out your co-owner’s share in the business. A buy-sell agreement is a good idea for any type of business, no matter how small. It can solve any confusion in the event of a co-owner’s death.

Key Person Insurance

Key person insurance is a type of life insurance taken out by the business to compensate financial losses that would emerge from the death of an important person in the business. This key person is usually the owner, the founders, or possibly a key employee or two. Without these crucial people, your business could go under quickly. The purpose of key person insurance is to keep the company afloat while they search for a replacement for the lost position.

Survivorship Life Insurance

Survivorship life insurance is a form of universal life insurance that covers two people with one policy. The benefit is only paid after both of the insured have passed away. It is less expensive than two separate policies, so it is an affordable way to leave a larger payout to your loved ones or a favorite charity. Survivorship life insurance is generally used to help pay estate taxes, provide funds for a special-needs child, establish an educational fund, or provide a benefit for charity.

Long Term Care

Long-term care insurance is a way to prepare for the future in case you ever need help taking care of yourself.  Long-term care services, including assistance with daily routines like bathing, dressing, and getting in and out of bed, are not covered by regular health insurance. This policy can help cover the costs of care if you have any debilitating disability or disease such as Alzheimer’s disease. This can include care in your own home, a nursing home, an assisted living facility, or an adult day care center. Long-term care insurance is part of a long-range financial plan.

Our Most Popular Plans

10-Year Term Life

A 10-year term life insurance policy would cover you for ten years without the premiums rising during that time. This policy is for a defined death benefit, and will only be paid to your beneficiary should you die within the term period. The amount of the death benefit varies depending on how much you pay for your premium. 10-year term life is best for people in their 20’s who are not yet financially stable or for people in their 40’s or 50’s who have ten years left of their mortgage payments.

15-Year Term Life

A 15-year term life insurance policy would cover you for fifteen years without the premiums rising during that time. A 15-year term life policy only costs a few more dollars a year compared to the 10-year term life policy. This policy is for a defined death benefit, and will only be paid to your beneficiary should you die within the term period. 15-year term life is best for people who have a mortgage that needs to be paid off in the event of their death. It is also beneficial for those nearing retirement.

20-Year Term Life

A 20-year term life insurance policy provides replacement income for the twenty years that the policy is in effect. The premiums remain the same throughout the twenty years. It is the most popular life insurance option because it provides the biggest cost benefit. You may want to get a 20-year term life policy if you have a spouse, children, or parents who depend on your income.

30-Year Term Life

A 30-year term life policy may cost more than a 20-year term, but it may be beneficial to you depending on your age. The premiums will remain the same during the 30-year term. Thirty-year term life is best for people in their early to mid-twenties, who have a mortgage and are starting a family. This long-term policy can provide children with college funds and your family with house payments.
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