Just about everyone makes the mistake of thinking that if they are killed in a car accident, their car insurance will cover their funeral costs and provide enough money for their heirs to last for years to come but the reality is that if the family members of someone who is killed in a car accident are paid by the insurance company, after the car accident, the car insurance payout wouldn’t be as much as it could have been had they had a life insurance policy.
What Does Car Insurance Really Cover?
Car insurance is only mean to help cover damages to a vehicle and also funeral or burial costs, in the event of a fatal car accident, but not much more than that.
Most drivers in Oregon forget that Oregon Car Insurance is meant to help the driver get back to where they were before their car accident and if the accident was fatal, the accident victims family will not be covered for long term financial expenses like paying for college tuition for children of the victim.
How Much Life Insurance Should The Average Person Have?
For the average single person with no dependents, they should consider having a minimum $100,000 life insurance policy.
Individuals who are married and have children should consider having a life term insurance policy that offers them $500,000 to $1,000,000 worth of coverage because, this amount of insurance protection would guarantee that the family of the dependents would have enough coverage for long term financial obligations for dependents like cost of living costs, college tuition etc.
What Does Life Insurance Cost?
Oregon life insurance costs an average of $25 to $50 per month depending on the insurance company and type of coverage when you combine the cost of Oregon Car Insurance and car insurance, the average Oregon resident can expect to pay $125 to $175 per month for their insurance costs depending on amount of coverage and the insurer.
Insurance costs are low, if you don’t have life insurance there’s no need to drive Oregon’s roads without it, to get a no obligation insurance quote, contact Bend insurance agent Tye Farnsworth today by calling (541) 318-8835.