Houston TX Family Life Insurance

Looking for Houston TX family life insurance plans for yourself and your loved ones? Here is some information and facts on some of the types of insurance policies out there. Not to mention, the experts at Best Life Insurance Houston Agency can answer any questions you may have concerning insurance plans.

Getting life insurance for your family is an important decision, just in case anything happens. Now, the question becomes which policy to get that best fits you and your family’s needs and situation. Most Houston TX family life insurance policies fall under term or whole life insurance.

Term life insurance is the simplest form of life insurance. It can protect families for a specific length of time and usually offers lower premiums compared to other insurance plans. Term life policies are a better fiscal option. Best for business owners, young families, older folks, or people on a budget.

Whole life insurance is the most common type of permanent life insurance. It’s a popular choice since it pays a death benefit when you die, regardless of how old you are at the time of your passing. It guarantees level premiums along with a death benefit and cash value.

What Is Term Life Insurance?

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Looking for insurance while on a budget or just for a period of time? Look into term life insurance! Term life policies provide coverage for a limited time, hence the name.

It’s one of the cheapest options for insurance starting out. Term life insurance is designed to help replace income. Your family can then use the death benefits to help pay for housing, childcare, and everyday essentials.

Term life insurance typically has time limits in intervals such as 10 or 30 years at a time. This can be very ideal for people who are looking for a more budget-friendly option. Even after the term is over, most term life policies are renewable if you still want coverage for your family.

Hold Up There Is More To Know!

Unlike other types of life insurance, term life has a guaranteed level premium and guaranteed death benefit. This is certain during the level term period. If nothing happens in that period, then at the end of the coverage period, the policy owner can renew it. You also have the option to convert it to a permanent policy or terminate the policy.

Depending on the policy, you may qualify for a policy that doesn’t require a medical exam. Instead, the medical exam will be substituted by a number of detailed questions. If anyone insured with term life insurance passes during the coverage period, then their beneficiaries will receive the stated death benefit. The beneficiaries won’t have to pay federal income taxes on the death benefits they receive.

What Is Whole Life Insurance?

Looking for insurance for your family that’ll last their lifetime? There’s whole life insurance or permanent life insurance. Per the name, whole life policies give coverage for the insured’s lifetime. It might be a bit more expensive compared to term life policies starting out, but it also has several more benefits.

Depending on your age or circumstance, applying to whole life insurance will require a medical exam. Usually, they’ll require it if you’re over the age of 51 or are applying for more than $100,000 in coverage. However, in most cases, a medical exam isn’t necessary. If you didn’t need a medical exam, the amount of coverage you’ll receive is dependent on the answers to your health questions.

Like with term life insurance, at your passing, your beneficiaries will receive the death benefits. But unlike term life, it doesn’t matter how old you are when you pass. Additionally, the money paid to your family is usually income tax-free.

What Makes Permanent Life Insurance Different?

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With whole life insurance, both the death benefit and premium remain the same throughout the life of the policy. Generally, the older you are, the more expensive insurance gets. So the way most family life insurance companies work is they’ll charge the premium level higher than necessary in the earlier years, invest that money, and then use it to supplement the premium to help pay the cost for older folks.

Here are the benefits of that. When the overpayments come to a certain amount, they become available to policyholders as a cash value. The cash value comes as an alternative benefit with the policy. Usually, that cash value can be borrowed as a loan.

However, these policy loans may accrue interest, and the unpaid loans and interest will reduce the death benefit and cash value.

Which One Is Right For You?

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There are several types of life insurance plans that could protect your family. Two of the major ones are term life or whole life insurance. Depending on your family’s circumstances, you could choose either one.

Term life insurance is a popular choice for financially protecting your family for a certain period of time. Usually, a term is anywhere between 10 to 30 years. When considering a term life policy, take your current age and how long you need coverage for into account.

Perhaps you have young children in your family and want protection through their college years? Maybe you and your spouse just bought a house, and you have a 30-year mortgage that you want your family to keep in case something happens. Term life insurance is a good way to get coverage at a lower cost.

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As long as the premiums are paid, whole life insurance covers the insured for their lifetime. It could even build cash over time; a benefit term life policies aren’t usually privy to. This policy is ideal if you’d like a policy you want to borrow from or want your money back if you ever decide to cancel it. Give us a call!

Of course, what your family needs might not fall under the general outlines of either of these policies. To make sure that your family is getting the coverage you want, make sure to sit down with experts. Best Life Insurance Houston Agency experts are always happy to help. If you have any questions regarding Houston TX family life insurance, they’re more than happy to sit down with you.

Houston, TX Fun Facts:

The city of Houston is named after Sam Houston, the military commander-turned-politician who led the battle for Texas’s independence from Mexico.
Despite popular belief, Sam Houston did not found the city—it was actually founded by two real estate entrepreneurs who named the city in his honor.
The Port of Houston offers free 90-minute cruises aboard the M/V Sam Houston.
Houston is the 4th most populous city in the United States.
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