Residents of the Pacific Northwest state of Washington are as diverse as the landscape. One thing that this state’s residents have in common, however, is a strong sense of family values and a desire to care for those who depend on them. One of the best ways to ensure the security of your loved ones is through a life insurance policy. Sadly, approximately 30 percent of American adults believe that they do not have enough life insurance; and in the state of Washington, these numbers may be even higher. If you have loved ones who rely on you for financial stability, you may want to start reviewing life insurance policies and quotes as soon as possible.
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Life Expectancy Rates in the U.S. and Washington
- United States: 78.9
- Washington: 79.9
- United States: 78.9
- Washington: 79.7
- African Americans
- United States: 74.6
- Washington: 77.5
- Latino Americans
- United States: 82.8
- Washington: 85.4
- Asian Americans
- United States: 86.5
- Washington: 85.4
- Native Americans
- United States: 76.9
- Washington: 73.8
In general, Washington is a very healthy state. Statistically speaking, residents are likely to live well into their retirement years. Unfortunately, there are no guarantees in life, and sudden accidents and unexpected illnesses can sometimes strike during the prime of life. If you have loved ones who depend on you for financial security or for care, it is very important that you think about how they would manage in your absence. Life insurance can provide them with the crucial financial assistance they need to get by.
It Is Never Too Soon To Start Thinking About Life Insurance
In the ill-fated event that an illness or an accident ends your life, a suitable life insurance policy can create a financial safety net for your family so that those you leave behind can continue to maintain their standard of living, both immediately after your passing and well into the future.
If you are Washington resident who is still young and healthy, you probably do not see a pressing need for a life insurance policy; however, it is during this time in your life that you can purchase life insurance at the most affordable rates. If you wait until you are much older or until you have contracted a serious illness, you will likely find that a good policy is unaffordable or unattainable. For this reason, when it comes to life insurance, procrastination can cost you.
Leading Causes of Death in Washington, 2010
- Cancer: 11,874 deaths; rate: 170.5; rank: 33rd in the nation
- Heart disease: 10,602 deaths; rate: 151.5; rank: 40th in the nation
- Chronic lower respiratory disease: 2.737 deaths; rate: 40.4; rank: 35th in the nation
- Alzheimer’s disease: 3,025 deaths; rate: 43.6; rank: 1st in the nation
- Unintentional injuries: 2,609 deaths; rate: 37.6; rank: 35th in the nation
- Stroke: 2,548 deaths; rate: 37.0; rank: 36th in the nation
You Have Options When It Comes to Life Insurance
If you are considering life insurance for the first time, deciding which type of policy to purchase can be confusing. There are different types of life insurance policies, but they all fall under one of two main categories: term life insurance and permanent life insurance.
Many people have strong opinions about which one is the better choice, so you are likely to hear arguments for and against each policy type. Keep in mind that there are really no right or wrong answers to which type is best for you and your family. An insurance professional can help you make a decision based on your current financial situation and life insurance goals, but, in the end, the choice is yours. So you should go with the policy type that appeals to you most.
How WA Residents Can Benefit from Term Life Insurance
Term policies provide coverage for a given number of years, or term. Term policies typically have terms ranging from 3 to 30 years, although many insurance companies are flexible with regard to the term. Once the term is up, the policy expires and is no longer in force. If you still need coverage at that time, you will need to purchase a new policy that is likely to be far more expensive than the one you had.
There are, however, benefits to owning a term life policy, including the following:
- These policies are very affordable. You can get term coverage at a fraction of the price that you would pay for permanent coverage.
- You will be able to cover your family with a very high amount of coverage during the years that they need it most, such as while your mortgage is still outstanding and your children are still young.
How WA Residents Can Benefit from Permanent Life Insurance
Permanent life insurance, which includes whole life and universal life insurance, costs significantly more than term life does, but, for many, the benefits of the higher costs make these policies worthwhile. Some of the benefits of a permanent life policy include the following:
- These policies do not expire. Your coverage will continue as long as you continue to make payments on your premiums.
- If you purchase a policy while you are young and healthy, you can get coverage at a low rate and keep that rate for the duration of your life.
- These policies serve as investment vehicles as they accumulate cash value over time.
- You can borrow against your policy’s cash value or you can close your account and collect the funds at any time if your financial situation necessitates the need for funds.
Are Quotes for Life Insurance in Washington Reasonable?
Life insurance companies calculate their rates using a number of different factors. When you call to request quotes, you will get approximates based on your age, gender, tobacco-use status, the policy type and the amount of coverage you are seeking, but this rate will only be an estimate.
Most companies will not give you an actual, final rate until you have completed a health-history questionnaire and have submitted to a physical exam administered by a representative of the company. This exam includes blood work.
Compare Life Insurance Quotes in Washington
You may find it hard to decide which type of life insurance policy is best for you and your family or even how much coverage is enough to meet your family’s ever-changing needs. This is why working with a knowledgeable, independent insurance agent in the Trusted Choice® network can be of benefit. These agents can answer your insurance-related questions, help you assess your coverage needs and provide you with a variety of policies and quotes for your review.
For more information, contact a Trusted Choice agent with an office in Washington so you can start comparing life insurance policies and quotes.