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If you are searching for Houston TX Life Insurance Near Me, then Best Life Insurance Houston Agency is the only place you need to look! Our team of insurance agents has fifteen years of combined experience helping clients find a life insurance policy that matches their needs. We help you select a policy based on your goals and current life circumstances.
Having the right life insurance policy in place for the future gives you peace of mind when it comes to the safety and financial security of your loved ones. Furthermore, the right policy ensures that when the unexpected happens, they are taken care of and don’t have to worry about funeral expenses. Here at Best Life Insurance Houston Agency, we make it easy to apply for the coverage you need and deserve.
Types of Life Insurance Coverage
Shopping for life insurance can be tedious and strenuous. There are many types of policies to choose from and thousands of agencies that offer them. However, it doesn’t have to be a stressful journey of selecting a policy that will care for your family when you pass. Choosing the right insurance agency is part of the process, and with the right expertise, the process is fast and straightforward.
Term life insurance refers to a policy that lasts for a specified amount of time. Most term life policies will last for a term of ten, fifteen, or thirty years although they are flexible. These policies are ideal for all ages and life situations. At the end of the policy term, you can choose to let the coverage lapse or renew it for another term of your choosing.
So, how does one figure out which term is the right one for them? The best insurance agents will help you select a term based on your life circumstances. The following is a basic guideline, although no means finite, and it will vary per individual:
- 10-year term: Families that have short-term loans, teens, or terminally ill patients in the family.
- 15-year term: For those with middle-school children, long-term loans, or who are of retirement age.
- 30-year term: Ideal for new homeowners, families with young children, and those with long-term loans, like a 30-year mortgage.
- Temporary term: For families with older teens and short-term loans.
Receiving a diagnosis can be very difficult, and dealing with a complicated and uncertain future even more so. You can lift some of the weight off of your shoulders by purchasing a Houston TX Life Insurance Near Me policy that takes care of your family if the time comes. They will receive death benefits that cover the cost of a funeral, in addition to payments that replace your income.
Whole life insurance is considered a permanent policy that lasts for your lifetime. A whole life policy is often referred to as a ‘cash value’ policy because it contains a savings account built into it. When you pay a premium on your whole life policy, part of it goes to the life insurance while the remainder goes to the ‘cash value’ savings account.
The cash portion of this account can be withdrawn at any point. Unfortunately, your loved ones do not receive the savings account portion of your life insurance policy when you pass. Instead, it goes to the insurance company. Death benefits are still released to your beneficiaries, although they do not receive the savings you invested into your account.
Universal life insurance policies are also permanent and offer coverage for your lifetime, as long as you consistently pay the premiums. Like whole life insurance, universal life is a ‘cash value’ type of policy. All of the same rules apply when it comes to who receives the savings portion of this account after your passing. Your beneficiaries will receive death benefits, but the insurance company takes any cash you have built up in the account.
For this reason, a universal life policy is probably more idea for a healthy, middle-aged adult. If you are seeking to build your cash value, using your life insurance policy can assist in the process. You can withdraw and borrow against this account at any time, with little to no fees and additional charges. This type of account serves the same purpose as a regular savings account.
Guaranteed Issue Life
A guaranteed life insurance policy offers guaranteed acceptance regardless of your age or health condition. Even if other policies have denied you coverage, guaranteed life will allow you in. Before you sign up for this type of policy, know that the premiums are often higher than other policies because the insurance company is taking a greater risk by providing coverage.
Guaranteed life is a great option for individuals with medical conditions that prevent them from receiving coverage elsewhere. Believe it or not, some companies will turn down cancer patients, people with Alzheimer’s, and those with chronic conditions. It is also hard to find a policy for individuals with HIV and a history of smoking. Talk with your insurance agent to see if guaranteed life insurance is your best option.
‘Special considerations‘ refers to a collection of policies that offer coverage for individuals in specific circumstances. For instance, a special needs trust allows caregivers of special needs children to build savings for those children so that in the instance the caregiver passes; the children are taken care of.
Similarly, HIV patients and foreign nationals can now receive coverage through policies that are under the special circumstances umbrella. Each policy has unique qualifications that must be met before acceptance is given. Also, keep in mind the premiums might be higher. Speak with your professional insurance agent to find out more.
Houston TX Life Insurance Near Me
Houston, TX Fun Facts:
- The Port of Houston is one of the busiest in the country.
- The museum district offers free admission to visitors every Thursday evening.
- Beneath Downtown Houston, there is a network of tunnels that visitors can explore during the workweek.
- For more information about Houston, TX, visit the city’s website!