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Are you looking for a Houston TX Life Insurance Policy? If so, contact the agents with fifteen years of combined experience at Best Life Insurance Houston Agency! Our team makes recommendations for coverage based on your life circumstances, where you see yourself in the future, and any goals you might have.
Having the right life insurance policy ensures that your family is taken care of when the time comes. And, having life insurance means that if the unexpected happens, your family won’t have to worry about how they will cover funeral expenses. Best Life Insurance Houston Agency makes it easy to apply for and receive the coverage you need and deserve.
Types of Coverage
There are several types of life insurance policies to choose from, and which you select will depend on your current life circumstances and future goals. Every policy provides different benefits and payment options, so choosing the right one can have a significant impact on how your family copes financially with your loss. The insurance agents at Best
Life Insurance Houston Agency will help you select the right policy for your needs. Visit our website to receive a free quote!
Few insurance agents will recommend a universal life insurance plan to any individual other than a healthy, middle-aged adult. This type of policy has a savings account built into it and is often referred to as a ‘cash value’ insurance policy.
Anyone can sign up for this type of policy; however, it is more ideal for middle-aged adults because the cash value does not pass onto the policy’s beneficiaries once the covered individual has died. To clarify, the covered individual’s beneficiaries will still receive an agreed death benefit amount. However, any cash value that the account has accrued will go to the insurance company, not the beneficiaries.
For this reason, a universal policy is more ideal for a healthy middle-aged adult. You are allowed to withdraw, borrow against, or cancel your policy at any time, which makes it suitable for those who want quick access to cash. Essentially, the cash value portion serves the same purpose as a regular savings account.
Whole life is a type of permanent Houston TX Life Insurance Policy that covers the entire lifespan of an individual. Like universal life policies, a whole life policy has the cash value element to it. So, a portion of your premium goes to pay for the policy, while the remainder goes to your cash account.
Also, like universal policies, when you pass, the cash amount goes to the insurance company, not your beneficiaries. However, they do receive an agreed-upon death benefits amount. When you sign up for whole life insurance, you will know immediately what your premiums will be, and they cannot increase.
Term life insurance is a flexible policy that is great for any individual at any stage of life. This type of policy is purchased for a fixed term, usually ten, fifteen, or thirty years. Most insurance providers will also offer a temporary term life insurance policy for those with special circumstances. A term life policy is not considered a permanent life insurance policy.
So, how do you determine which term is right for you? The majority of agents will suggest you select a term based on the following guidelines. However, it will vary per individual.
- 10-year term: For families with short-term loans, teens, or terminal patients in the family.
- 15-year term: Ideal for those with middle-school-age children, of retirement age, or small business owners.
- 30-year term: For families with young children, new homeowners, and those with long-term loans (like a 30-year mortgage).
- Temporary term: For those with older teens and short-term loans.
If you or a family member have received a difficult diagnosis and are unsure what the effects may be, term life insurance can give you peace of mind while you maneuver through that journey. Purchasing a ten-year policy will ensure that your loved ones are taken care of and that your income is replaced.
Once a policy term has ended, you can choose to renew it or let it lapse. Either way, our agents are here to guide you through the process.
Guaranteed Issue Life
Guaranteed issue life is a policy that has guaranteed acceptance no matter your age or health status. Although the premiums for this type of plan are typically much higher than others, the fact that it has guaranteed acceptance provides peace of mind for countless individuals who have been denied coverage elsewhere.
Individuals with diseases like cancer, HIV, or Alzheimer’s and those with chronic illnesses are often denied life insurance coverage when it comes to other policies. A guaranteed issue policy allows these individuals to rest a little easier, knowing their loved ones are taken care of in the event of their passing.
In the world of life insurance policies, ‘special considerations‘ is an umbrella term used to reference a specific set of insurance policies that are available to individuals who meet specific criteria. For instance, a special needs trust can be set up to provide care for special needs children in the instance that their caretaker passes.
Additionally, individuals with HIV or a history of smoking can now qualify for a special considerations policy. Foreign nationals are another community that can apply for this type of insurance policy. Every policy has specific qualifications that the individual must meet before receiving coverage. For this reason, it is best to meet with a life insurance agent to discuss your options.
Houston TX Life Insurance Policy
For more information about our business, personal, or retirement policies, contact the agents with fifteen years of experience at Best Life Insurance Houston Agency. We have the right Houston TX Life Insurance Policy for you, just call today!
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- The museum district offers free admission to visitors on Thursday evenings.
- Beneath downtown Houston is a network of tunnels that are open to visitors during the workweek.
- You can tour the Houston ship channel for free!
- For more information about Houston, TX, visit the city’s website!