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A Houston, TX term life policy can keep your family’s finances out of jeopardy in case something happens to you. Life insurance can be a useful tool for financing planning, particularly for people with dependents. For example, a parent with young children may purchase a life insurance policy to ensure that their kids will be financially okay even if they’re gone. Contact Best Life Insurance Houston Agency to learn more about our policies.
Life insurance is a contract between a policyholder and the insurance agency. In the contract, as the life insurance company, we agree to pay your beneficiaries a “death benefit” in the event of your death. In return, as the policyholder, you agree to pay premiums to keep the policy active.
People get personal life insurance for different reasons, but some of the most common ones include the following:
- Provide financial security for your family in case you die.
- Help pay off debts and final expenses in the event of your death.
- Help replace lost income in the event of the breadwinner’s death.
- Fund a child’s education in the event of the breadwinner’s death.
- Provide financial security and protection for your spouse in case you die.
There are various types of life insurance options available. Whether you want a permanent or term life insurance policy, you’ll want to see all of your options on the table first. Speak with one of our insurance experts to learn more about the options that are best for you.
The 1st Option: Houston, TX Term Life Policy
Term life insurance policies are one type of life insurance coverage. People typically purchase them to provide financial protection for a set period of time, such as 10, 20, or 30 years. If you die during the policy term, we’ll pay the death benefit to those named on the policy. If the policyholder doesn’t die during the term, the policy will naturally expire, and no death benefit will be paid.
The most common reason to buy a term life policy is to provide financial protection for your family in case you die. If you are the family’s main breadwinner, your death could leave your spouse and children in a difficult financial situation. A term life policy can help tide them over as they get back on their feet.
Other reasons to buy a term life policy include the following:
- Pay off debts & extra expenses – If you have outstanding debts in life, a term life policy can help pay all or most of it off in the event of your death. It can help ease the financial burden of your loved ones and prevent them from having to deal with creditors after your passing.
- Fund your children’s education – If you want to ensure that your children can get the education they deserve, a term life policy can provide the necessary funds.
- Provide for a stay-at-home spouse – If your spouse doesn’t work outside the house, this type of policy can help ensure they’re taken care of if you die.
- Give to your heirs – If you have other relatives you want to provide for, a term life policy can give them financial support as long as they’re one of your beneficiaries.
Although it might seem like a waste at first, like most types of insurance, life insurance is for those “what ifs” in life. It might seem like you used a lot of money for nothing if nothing happens during the policy period and it naturally expires. However, you can think of it as you bought a few decades of peace of mind for your family. And for some families, that’s worth more than the insurance policy itself.
2nd Option: A Long-Term Life Insurance Policy
If you consider a term life policy as one that’s temporary, then, of course, there are permanent life insurance policies as well. There is more variety in long-term life insurance policies than term life plans. With a Houston, TX term life policy, you can keep your family protected for a specific amount of time. On the other hand, permanent life insurance policies can protect your family for the rest of your life.
With permanent life insurance plans, the death benefit is paid to the dependents on your policy regardless of when you die. Not to mention, they also feature a few different options that a term life policy doesn’t have. One of the prominent features is the option to build cash with your policy. With this type of policy, a portion of your premiums goes into the cash value, which increases gradually and can be accessed through policy loans or withdrawals.
Several examples of permanent life insurance plans include the following:
- Whole Life Insurance – This type of policy offers level premiums and guaranteed death benefits. Of course, it also has a cash value account that grows steadily over time.
- Universal Life Insurance – This plan also has a cash value account, but it is more flexible in terms of premiums and death benefits.
- Variable Universal Life Insurance – Lastly, this type of plan also has a cash value account that is invested in stocks and bonds. It provides the potential for higher returns but also increases the risk.
Choosing Between the Two Options
Permanent life insurance plans are better for people who work risky jobs or are entering retirement and want to leave something for their loved ones. On the other hand, term life policies are best for people who know they only need coverage for a period of time during their life. Of course, at the end of most term life policies, you can upgrade your policy to a permanent one if you think the coverage is worth it. Get your quote today.
Call Best Life Insurance Houston Agency today to schedule a consultation with one of our insurance agents. Or visit our location to learn more about how you can benefit from life insurance. We have the Houston, TX term life policy that can protect your family’s finances.
Houston, Texas Fun Facts:
- Houston is home to NASA’s Mission Control.
- The first word heard from the Moon was “Houston.”
- It’s why Houston has the nickname “Space City.”
- For more fun facts, visit the city’s official page.