Life Insurance

Because life insurance has so many options these days with all the features and options that can be added or are built in it is very important that you speak with a professional to see which type is suitible for your individual need.

What is Life Insurance?

Life insurance is a contract between an individual and a company. The individual agrees to pay the premium set by the company and in exchange the company will pay out a set amount of money in the event of a death of the covered person.

Why Life Insurance ?

Life insurance has many different uses these days. It's main purpose is to protect against a financial hardship due to a loss of an unexpected loved one. It can provide income replacement, funeral expenses, mortgage protection, key person for a business, bills, and debt. It gives you peace of mind knowing that your loved ones will be taken care of in the event of a loss. One of the main benefits is that life insurance is generally tax-free for the beneficiary. This is a great way to pass wealth to your kids and grandkids without having to pay taxes.

The different types Life Insurance

Everyone's situation is unique and have different needs or goals. Because of this, there are many different types to choose from. Let's explore these below.

  • Term Life Insurance provides coverage for a specific term. Typically 10, 20, or 30 years.
  • Whole Life insurance simply covers a person for their whole life. Premiums are paid until the death of the insured. This type usually accumulates some type of cash value at a fixed rate.
  • Single premium whole life insurance is a lump sum premium only paid 1 time and then the insurance is paid up, never having to pay a premium again.
  • Universal life insurance is type of life insurance that can have flexible premiums, death benefit, and the length the insurance will stay in force. Some can even be structured to last until age 120.
  • Variable universal life insurance is invested in the market and the cash value has an opportunity to experience higher gains and also experience losses. The premiums are still flexible with this type of insurance.


The Medicare Exchange Lakewood Lynnwood Beaverton

Tacoma Branch

6004 Westgate Blvd, Suite 120
Tacoma, WA 98406
Phone: 253-244-5520

Lynnwood Branch

19031 33rd Ave West Suite 314
Lynnwood, WA 98036
Phone: 425-678-1251