Life InsuranceFinding and choosing a life insurance company in Grants Pass, Oregon can be a a somewhat difficult decision. At Insurance Lounge we’ve made it our goal to provide an upfront and relaxed atmosphere for our customers. Below you will find some useful information about life insurance and what you should look for. Of course, it’s best to give us a call to discuss your options and personal needs so that we can help you along the way.

Click here for a free online quote for Permanent Life insurance or here for Term Life insurance. Feel free to contact our Grants Pass, Oregon office with any questions by clicking here or calling.

There are so many advertisements out and about talking about life insurance and most of them are entertaining too. Most of us will start to ponder at why we don’t have life insurance. It is critical to understand what life insurance is all about before moving forward.

Facts About Life Insurance

Life insurance is basically a contract that is put in place to make sure that when the enrollee passes away, their beneficiary receives a certain amount of money. A plan has to be selected by the enrollee that lays out how much will be paid to the beneficiary. Most of the options are sent in two categories; staggered payments or lump sums. Insurance companies are not only willing to pay money when the enrollee dies, but when they are terminally ill.

  • Who Is Involved?
    With this contract in place, the parties that are involved include the insured, owner, beneficiary, and the company itself. The company that has been selected is done by the owner or the policyholder. The owner of this particular insurance plan is the individual that has to pay for it. He does not have to be the enrollee though. The individual that has been insured is the enrollee. This is the individual that has his/her life insured. Yet, they do not have to be the one that is responsible for the contract. Yet, it is critical to remember that the insured does not have a say in the contract and how it is laid out besides being the subject. The beneficiaries that are going to be receiving the money are also not involved in the contractual process.
  • Types of Policies
    There are two types of life insurance policies that are available to individuals. The first option is called ‘Protection Policies’. What does this policy entail? The idea is for a specific amount to be given to a specific individual after the enrollee has passed away. This type of policy is basic in nature and does not have any strings attached and does not offer profit. Most of the times, the owner will end up paying more funds than the beneficiary receives. What is the second kind? It is called the “investment policies”. The investment policies encompass the idea of offering profit over what was paid for the plan, but this comes with whole payments.
  • Catches
    Of course, life insurance plans do not come without catches and there always will be one when it comes to such agencies. With other plans, the enrolled individual has to pass away after a certain age in order for the beneficiaries to receive money. An example of this would be an individual passing away at the age of 70, when their contract said they had to pass away at the age of 71. This nulls the entire contract or leaves the insurance company with less to pay. The same goes for cases where the insured ends up committing suicide. While, others will only pay out when the insured has died from an accident. Other catches include having a time frame in place for when the money will be paid out. As long as the insured dies on or after a specific year. If the owner is different from the enrollee, the money that is going to be passed onto the beneficiaries ends up being less than what was paid for. This is only done because if the insured individual was murdered, there are no unlawful applications in place.

Click here for a free quote for available life insurance in Grants Pass – Permanent Life insurance or Term Life insurance. Contact us with any questions by clicking here or calling.

Best Insurance Company Option

It is critical to do a background check for all insurance companies that are being considered to find the right one. Referrals are a great way in the right direction because family or friends often have the best opinions and experiences. Always look for recent reviews and/or comments related to the company and what it has to offer. Of course, do not assume what is online is all true. Always go with established companies that are not going to fold up at the first sign of trouble.

Which Plan To Go With?

Always look to go with plans that are affordable in order to see great results. Always avoid plans that have unlikely scenarios in place. Look to go with contracts that have plausible clauses in place. The best option to go with is one that offers interest.

Beneficiaries

Most of the beneficiaries that are chosen end up being children or other loved ones that you are close to. Always look to choose people that you want to see protected after you pass away and do not want to see getting into financial trouble. Of course, this goes without saying, but do not choose people that might be after your money and could even kill you in the process. A lot of individuals end up getting caught up in this kind of insurance fraud in the modern age.

There are a lot of details to ponder over when it comes to enrolling yourself or someone else into a life insurance contract. Look around and do not just settle for the first option that you come across in terms of life insurance plans. Always look to speak with company representatives and sit down with them in relation to what they have to offer and the clauses involved. The right reasons have to be in mind when it comes to getting these plans and signing off on them. Life insurance plans are not only about yourself, but all those around you and their future too.

Click here for a free online quote for Permanent Life insurance or here for Term Life insurance. Contact us with any questions by clicking here or calling.