Life InsurancePicking life insurance company in Medford, Oregon can be a weighty decision. Here at Insurance Lounge we strive to take out the hassle and pressure by offering you all of the information you’ll need upfront and in a laid back atmosphere. Below is some general information about life insurance but if you have any questions or would like some specific advice or answers it’s always best to give us a call to discuss your options and personal needs.

Click here for a free online quote for Term Life insurance or here for Permanent Life insurance. Contact our Medford, Oregon office with any questions by clicking here or calling.

What is Life Insurance

We often hear or see advertisements about life Insurance and they seem pretty catchy. We end up wondering about enrolling in one but don’t really understand it all. Here are some answers to common questions to help you learn more.
Life insurance is an agreement where an insurance company guarantees that the assigned beneficiary will receive a certain amount of money upon the enrollee’s death. In order for the enrollee to get these benefits, he/she has to choose a plan depending on how much he/she should be paying and getting in return. These payments could either be made whole or staggered depending on the plan and the company. Some insurance companies pay out not only when the enrollee dies, but also when the enrollee suddenly gets a terminal or grave sickness.

Who Are the Parties Involved?

In a Life Insurance contract, the parties involved are the life insurance company, the owner, the insured, and the beneficiary. The life insurance company is the chosen insurance provider of the owner or the policyholder. The owner of the insurance plan is a person who enrolled and paid for it. He/she may or may not be the enrollee or the insured person. The insured person is the enrollee. He/she is the one whose life is insured. He/she may or may not be the owner of the contract. If the owner is a different person from the insured then that means that the insured does not have any say in the contract other than being the subject of it. The beneficiary or beneficiaries also don’t get to have a part in the contract other than receiving the certain amount stipulated in the contract upon the insured person’s death.

Click here for an online quote for available Life Insurance in Medford:  Term Life insurance or Permanent Life insurance. Contact us with any questions by clicking here or calling.

Kinds of Life Insurance Policies

There are two major kinds of life insurance. The first is called Protection Policies. This is the most basic form of life insurance where a specific amount is given to a specific person upon the member or enrollee’s death. These kinds of policies don’t offer any profit for what was originally paid for the plan. In some cases, the owner of the plan ends up paying more than what the beneficiaries will receive. The second kind is called Investment Policies. These are the plans that offer profit over what was originally paid for the plan, but usually require bulk or whole payments.

Is There a Catch?

Like all contracts, life insurance plans have a catch, especially the ones where a profit is expected. Other plans require the enrolled person to expire in a certain age or more in order for the beneficiaries to receive their money. So if the contract states that the minimum age is 100 years old and then the insured person dies at 99 years old, the beneficiaries may receive less than planned or nothing at all, depending on the contract. Other companies or plans prevent beneficiaries from receiving payments if the insured commits suicide. Others only pay out if the insured dies from an accident. There are plans that give you a time frame when the money will only be paid out if the insured will die on or after the specified year. In most cases where the owner is a different person from the insured, the money that the beneficiaries will get is less than what the owner has paid for. The reason for this is to prevent unlawful applications of life insurance only to later murder the insured person and benefit from the profit.

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

What Plan Should?

Choose plans that you can afford. Only choose a contract that has plausible clauses. Don’t pick ones that have unlikely scenarios in their clauses or conditions. Choose plans that offer interest.

Who Should Be My Beneficiaries?

Your beneficiaries should be your children or your other loved ones. Choose people who you want to ensure a good future for even after you die. Don’t pick people who you suspect could eventually kill you just to get his/her money. This is one of the main reasons to commit insurance fraud.

There are so many things to consider before enrolling yourself or someone in a life insurance plan. You have to check out several companies and compare their benefits and plans. Before choosing a plan, try your best to have the company or representative fully explain the whole contract, especially the payable amount, the amount to be received, and the clauses. Always get into something for the right reasons. Life Insurance plans will help you prepare for the future and it’s something that people should consider knowing more about.

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