Life insurance is one of the simplest ways to make sure your family isn’t left covering a mortgage, funeral costs, or lost income on top of losing you. Nearly 100 million Americans say they’re uninsured or don’t have enough coverage to protect their family. Let’s make sure you’re not one of them.
Hillock Insurance helps you find the right life insurance policy through one of our many trusted carriers including Guardian, United of Omaha, Prudential, Pacific Life, Transamerica, and many more.
What is Life Insurance?
Life insurance works by you paying a set amount, called a premium. In exchange, the insurance carrier pays a lump sum and tax free “death benefit” to the people you name, called beneficiaries, when you pass away. That money can be used to cover funeral costs, pay off debt, replace lost income, or simply give your family breathing room during an already hard time.
For a lot of families in Wallowa County and Eastern Oregon in general, life insurance is also about the land. If you farm or ranch, life insurance can help keep your family from having to sell ground, equipment, or livestock just to cover funeral costs or settle an estate while the next generation figures out how to keep the operation running.
There are several types of life insurance policies.
Term Life Insurance
Term life insurance covers you for a specified period, typically 10, 20, or 30 years. If you pass away during that term, your beneficiaries receive the death benefit. If the term ends and you’re still living, the coverage ends too, unless you renew or convert it. Because it doesn’t build cash value, term life is usually the most affordable way to get coverage.
This type of coverage can be best for parents with young kids, anyone carrying a mortgage, and business partners who want to cover a loan for a set number of years.
Whole Life Insurance
Whole Life insurance covers you for your entire life, as long as premiums are paid. Part of your premium builds cash value over time which becomes money you can borrow against or use later on. Premiums cost more than term life but won’t increase as you get older, which can be a nice advantage over term life insurance.
This type of coverage works well for anyone who wants guaranteed lifelong coverage and a policy that builds savings at the same time.
Universal Life Insurance
Universal life insurance covers you for life but with more flexibility than whole life. Depending on the policy, you may be able to adjust premiums or death benefits as your income and other factors change.
This can be a good option for those with seasonal income, like farmers, ranchers, and business owners.
Survivorship Insurance
In survivorship insurance, a single policy covers two people who are usually married. The death benefit is only paid after both individuals have passed away. Because of this, it can be a good fit for married couples focused on passing down land, a ranch, or business to the next generation without forcing a sale to cover estate costs.
More Options to Protect Your Finances
There are several other ways to set your family up for success beyond traditional life insurance. Hillock Insurance also helps people across Oregon get long-term care, disability, and annuities which offer protection while you’re still alive.
Long-Term Care
Long-term care insurance helps cover the cost of extended care in nursing homes, assisted living facilities, or even in-home care. Without it, many people use up retirement savings and may need to sell assets or get extra support from other family members to cover the cost of care. This coverage can close gaps in your health insurance since Medicare policies often do not cover these expenses.
Fixed & Indexed Annuities
An annuity provides a regular stream of income which is usually used in retirement. An individual will contribute to their annuity over time through premiums, then the company invests it and pays it back later.
Fixed annuities give a guaranteed rate of return while indexed rely on a market index, but typically offer some protection against loss, making them different from other investment models.
Disability Income
Disability income insurance replaces part of your paycheck if an injury or illness keeps you from working. Unlike workers’ compensation, it can be used whether the injury happens on or off the job. It’s also a worthwhile consideration for solo business owners, farmers and ranchers, and tradespeople who might not have access to workers’ compensation.
Critical Illness
Critical illness insurance pays a lump sum if you’re diagnosed with a critical condition such as cancer, a heart attack, or a stroke. The money can cover health insurance deductibles, travel to treatment, or lost income during treatment. This coverage can be useful for anyone, but can be especially helpful if you have a family history of a critical illness.
Is Life Insurance Right for Me?
Life insurance is recommended to anyone who…
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Has a spouse, kids, aging parent, or someone else who depends on your income.
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Has a mortgage, business loan, or other debt that someone else would inherit.
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Owns a farm, ranch, or small business with a partner who’d need support if something happened to you.
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Is a co-owner of a business and would need liquidity to purchase business shares should your partner pass away.
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Wants to make sure funeral and final expenses don’t fall on their family.
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Plans to pass down land or business to the next generation and want to protect it from being sold off.
