Salem, Oregon Life Insurance Tips

Adequate Life Coverage Protects Your Home

When purchasing Life Insurance, it is important to take several things into account. One of these things the cost of your mortgage. The average home price in Salem Oregon is $170,000. It is important to take this into account because if you dire become disabled, you still have to pay your mortgage.

Independent vs Employer Based Insurance

While many people believe that you should purchase your life insurance through your employer, there's no federal laws stating that your employer must continue your life insurance policy if you become disabled or leave the company. Quite often, you will give better deal if you purchase life insurance outside of your employer.

Earthquakes & Other Natural Disasters

Because Salem is located in an earthquake prone area, it is wise for Salem residents to check the fine print of their life insurance policy to make sure that your policy will be paid if you die due to an earthquake. While most life insurance policies do pay in case an earthquake, it is always wise to check.

Lose Worthless Policy Riders

It is also important to read the life insurance riders that may go on your policy. Many of them are worthless. Double indemnity riders which, for a small fee, will pay your family double the face value of your policy should you die in an accident, are usually not worth it unless you work in an extremely higher risk job. The fact is, most residents of Salem will have a better chance of winning lottery then by dying on work related accident.

Build Wealth with Your Insurance Policies

Most people don't understand that life insurance policy can also be used as a financial tool to save money for a large expense such as college or even retirement. This site of life insurance is called permanent life insurance. This Life Insurance does not cover you for specific term, instead it coverage you for your entire life. Since it is not in effect for specific period of time, it is able to collect cash value. After investing in this type of life insurance for short period of time, you're able to take out some that cash value or borrow against it. To find out if you are eligible for permanent life insurance, talk to your local Salem financial advisor.