Buying life insurance in Washington state is not difficult if you are aware of the basics. In the Federal Way, WA area, the Hart Insurance Agency can assist you in determining the best coverage for your situation. As independent insurance agents, we represent a variety of companies offering a wide choice of life insurance products. We can discover rates that are competitive for your age and particular life situation.
Life insurance comes in two basic forms. You can choose from term insurance or whole life insurance. Let’s take a look at each.
Term Life Insurance
Term insurance is life insurance that covers the life of the insured over a specific period of time. This “term” could be five years, ten years, or more. Term insurance is generally the least expensive type of insurance to purchase, and is popular for young families who may have a lot of obligations. Term insurance can be used to make sure a mortgage is paid off, college is provided for, and sufficient funds are left for living expenses in the event of the death of a a family member. There are varieties of term insurance like Decreasing Term, that has decreasing coverage as the years go by, and as the need for significant coverage decreases.
Whole Life Insurance
Whole life insurance insures the life of the insured as long as premiums are paid. While premiums are more expensive on a per-thousand basis for whole life as opposed to term insurance, it also has some added benefits. As years go by, whole life will build up cash value. This value can be tapped into in the form of policy loans for emergencies or opportunities. Many times, grandparents will purchase whole life policies for newborn grandchildren for use as a nest egg when they reach college age.
To get the best coverage for you and your family, contact Hart Insurance Agency today. Our independent agents will help you get the maximum amount of coverage at the best possible price. Contact us today and protect your loved ones.