Life Insurance in Washington State
Life insurance may not be mandatory within Washington, but it is undoubtedly an essential policy that helps safeguard your loved one's financial future. Once you are gone, it will be ideal for covering your beneficiaries' everyday expenses, eliminating financial hardship. Below, MTC Insurance Agency Group discusses the types of life coverage available within Washington
Term Life Insurance
Term life insurance covers you for several years, after which it expires. If you pass away during this period, your beneficiaries will receive their death benefits, allowing them to take care of costs such as final expenses. It will also come in handy in helping pay for expenses such as childcare costs, tuition fees, and estate expenses. This policy will, however, expire after its predetermined period, during which your beneficiaries are no longer eligible for the benefits. If you still opt for additional coverage, it can be extended to a permanent policy.
Whole Term Insurance
As the name suggests, this cover lasts until you die. It provides policyholders with a cash value component that accumulates over time. Your beneficiaries receive the benefits once you die, which will come in handy in securing them a stable financial future. This cover is also redeemable, with policyholders using it for long-term needs such as a retirement plan.
Variable Life Insurance
Variable life insurance is also lifelong and will last until you pass away. Once this happens, your beneficiaries can receive death benefits. It also comes with a cash value feature that accrues value over time, providing your loved ones with significant benefits. Unlike whole-term insurance, variable life policies provide flexible features. If you have pressing concerns such as mortgage payments or have a new addition to your family, a variable cover allows you to modify your terms.
MTC Insurance Agency Group will be your one-stop center if you need any of the above life policies in Washington. Our Kent and University Place, WA agents can help underwrite a policy suited to your needs, so consider calling us.