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Beginners Guide to Washington Life Insurance

 

If you are just beginning your search for Washington life insurance, you may feel a bit overwhelmed by the lingo, products and amount of options there are. While there is much to learn, once you get a handle on the basics, you will quickly begin to understand just what you want, what you need and how to get it.

 

Washington Life Insurance: Determining Your Needs

 

Your first order of business is to determine just how much Washington life insurance you need. There are several things to consider and you will want to start with the following:

 

  • Final expenses: This includes burial, transfer of estate taxes, and funeral expenses.
  • Debt: This could include mortgage, credit cards, car payments, personal loans and college loans.
  • Beneficiary needs: This could include enough money for your spouse and family to live on, to send your children through college, retirement for your spouse and anything else you would like to provide for those you leave behind. Don't forget to consider inflation.

 

The above are the basic needs to be met by a standard life insurance policy. In addition to this, you may want to consider the following:

 

  • Emergencies: If you lose your job or come up against large expenses, you may need to pull funds from your life insurance policy.
  • Investment options: There are types of life insurance policies that contain investment options to build the policy and your retirement portfolio.
  • Flexibility: How flexible do you need the investment options to be, can you increase the payout easily and what is the penalty (if any) for pulling out funds in an emergency.

 

Washington Life Insurance: The Policies

 

There are a variety of Washington life insurance policies to allow you to perfectly match your needs and wants to the right policy. Here are the most common policies available.

 

  • Term life
  • Whole (permanent) life
  • Variable life
  • Universal life
  • Universal Variable life
  • Joint life

 

Term life and standard whole life insurance policies are the most common and the most straightforward. Variable, universal are both policies with an investment component to help build your policy and your investment portfolio. A universal variable policy combines the two for ultimate flexibility. Finally, a joint life insurance policy is when you and your spouse or partner has a policy together and the death benefit goes to whichever survives the other.

 

Washington Life Insurance: The Companies

 

Most of the large nationwide providers of Washington life insurance you are probably aware of and may be familiar with. If you have car insurance or health insurance, chances are you have a policy with one or more of them. You may not be aware that you have over 100 life insurance companies to choose from in the state of Washington.

 

Making the choice can be rather difficult, but there are a few things to keep in mind when making a short list of issues to consider further.

 

  • Products: Do they have the type of policy you are looking?
  • Price: Do they offer the best rate, or at least competitive rates?
  • Claims: Do they have a history of paying their claims in a timely and hassle free manner?
  • Solid Financial Footing: Check the financial stability ratings of any company to make sure they are on solid ground for the future.
  • IMSA Seal of Approval: Means the company has passed through third party reviews of their product and service. 

 

Washington Life Insurance: Online Rate Quotes

 

Beginners can benefit the most from online Washington life insurance rate quotes. These quotes are incredibly easy to gather and they allow you to see the costs of each policy side by side to determine which fits best within your budget. You can use these quotes to compare the prices of specific policies as well as to compare the prices from one company to another. It is a surefire method of saving money on Washington life insurance.

Washington State Life Insurance