Commercial life insurance protects you and/or your business operators. Life insurance policies cover the policyholder by paying out proceeds to the person the policyholder names as beneficiary. As a potential policyholder, you may have to answer questions regarding your health. Your answers will help the insurance company determine which type of policy to offer you; they also have a bearing on the premium you will pay.
There are two types of life insurance policies available: term life and cash value life.
- It provides you with coverage for a specific number of years.
- It costs more as you get older.
- It doesn’t have a cash value so you can’t cash it out.
Cash value life (whole life, universal life, variable life):
- The insurer uses part of your premium to set up a financial account that earns interest.
- It gives you actual dollars you can borrow or withdraw.
- It costs more at the start of the policy.
Your agent can explain the differences in types of life insurance; tell you what kind of personal information is required when applying for a policy; and what you should consider before purchasing a policy (although in Washington State, each policy comes with a 10-day free look period).
If you have questions or concerns, please call (509) 575-0300 or visit our insurance agency in Yakima, WA, during regular business hours.
All information courtesy of the Office of the Insurance Commissioner of Washington State. You may visit their website by clicking here.
Gress Kinney Parrish Insurance Center, Inc.
3 N 7th Ave Yakima, WA 98902
Phone (509) 575-0300
Fax (509) 452-9870
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