Not sure where to start? Fill out our unique form and we will find the best life insurance for you.
Best Life Insurance Houston Agency is a great place for Houston, TX buy life insurance for parents. We have life insurance policies that will help secure not only your future but your children’s future if anything were to happen to you.
We want to help people invest their money in smart ways. We believe in letting your money work for you and not the other way around. Too many people have spent their entire lives working and saving only to end up broke in poverty because of the economy and not knowing how to invest.
Our job is to help you find a smart and forward-thinking strategy to invest your money, and one of the best ways we do that is with a life insurance policy. Give us a call or visit us to speak to us about how Houston, TX buy life insurance for parents is a smart financial move for you and your family.
Houston TX Buy Life Insurance For Parents
For many people, especially those who may still be in their twenties, thinking about a life insurance policy may be the furthest thing from your mind. However, that is the best time to get a life insurance policy because that is when it is at its cheapest. Life insurance is something that costs more the older you get. The older you are, and the further your health declines, the more the policy will cost.
For parents who are just starting out, now might be a good time to start thinking about a life insurance policy. While we always recommend getting a life insurance policy as soon as you can, starting a policy when your children are young is a perfect time.
As much as no parent wants to think about leaving their children, sometimes it happens. We want to be prepared and leave our children with something that can set them up for success. If anything were to happen, your children could use this policy for their first car, college, or even their first apartment or house. You can also choose when they receive the money.
While life insurance is money that your children could inherit after you pass, there is so much more you can do with your policy.
But first, let’s focus on what a life insurance policy is and the different types of policies.
What is Life Insurance
Life insurance is a type of insurance that pays out a sum of money to your beneficiary upon the policyholder’s death. It is designed to provide financial security for the policyholder’s loved ones in the event of their death.
There are a number of different types of life insurance, each with its own benefits and drawbacks. Some of the most common types of life insurance include:
Whole life insurance is a type of permeant life insurance that lasts your entire life. The death benefit is guaranteed and will never decrease. The premium is also guaranteed to never increase. Whole life insurance builds cash value over time that you can access through loans or withdrawals. There are benefits and drawbacks to drawing ours against your life insurance policy. However, using your policy as a retirement plan can allow you to live off your policy tax-free.
Term life insurance is a type of temporary life insurance that lasts for a specific period of time, typically 10, 20, or 30 years. If you die during the term, your beneficiaries will receive the death benefit. While term life insurance has no cash value, it is a great policy to use in between gaps in your normal policy.
For instance, if you have a policy with your job, and you leave that job, you may want coverage until you find another one that has a life insurance policy. A term life policy can also be used as a safety net if you are paying off debt such as credit card debt. If, for any reason, you pass away, your loved ones will have the extra financial security to take care of that debt.
Guaranteed-life insurance is a policy for those who may have been denied approval for other policies. This policy is not for everyone, and it can be expensive. However, if you are concerned about your health and you feel you need to give your loved ones a financial safety net, this could be a great option for those that need it.
Using Your Policy for Retirement
What many people do not know is that when you purchase a life insurance policy, people can borrow against this policy and use it for retirement. Just because you are parents does not mean you can’t enjoy your money.
It is safe to say that the majority of parents dream of a time when you can retire from your jobs, enjoy your earnings, and relax for the rest of your days. If you end up having grandchildren, you may want the time and funds to visit them regularly. With a life insurance policy that is more available.
At Best Life Insurance Houston Agency, we are experts when it comes to helping people use their policies to work for them. We can discuss how your policy can earn money over time. You can borrow against the policy so you can live off of it. The best part is that this can be completely tax-free.
Something such as a 401K from your employer can cost you a lot of money in taxes. The really interesting part is that whatever the tax rate is at the time you cash in on your 401K, that is the rate you are going to pay in taxes on your retirement fund.
For example, say your start your retirement fund when the tax rate is at 5%. At the end of your employment, when you choose to cash in your retirement plan, the tax rate could go up by 10% or 15%. That is the rate which you are going to pay. That is a lot of money you are losing.
We are experts here at Best Life Insurance Houston Agency. We know we can help you find the right policy and help you get the most out of your investment. Not only can we help you invest in your and your children’s future, but we can also set you up with funeral arrangements so your loved ones do not have to. Life is precious. So give your family the best chance at preparing and consider Houston, TX buy life insurance for parents.
Fun Facts about Houston TX:
- Its total size is over 600 square miles.
- Houston was founded in 1836.
- It has four professional sports teams.