Not sure where to start? Fill out our unique form and we will find the best life insurance for you.
If you are searching for Houston TX Term Life Insurance, don’t hesitate to contact Best Life Insurance Houston Agency today! Our agents have a combined fifteen years of experience helping clients select the life insurance policy that protects their loved ones financially. Furthermore, we take the time to ascertain your financial obligations, life circumstances, and future goals before making our recommendations.
Life insurance is meant to help provide financial assistance for the funeral expenses and debts for the individual. It can also provide a replacement for the income lost upon your passing. If you purchase a policy, your beneficiaries will receive a death benefit amount that you and the insurance provider agree on. The bottom line is that life insurance gives your family financial assistance when the unexpected happens.
Defining Houston TX Term Life Insurance
Term life insurance refers to a type of policy that lasts for a specified number of years. Most policies will go in increments of ten, fifteen, or thirty, although many insurance companies are flexible. The term length you choose will largely depend on your current financial obligations, life circumstances, and your future goals. For instance, the number of children you have, debt amount, and your age are just a few factors that may or may not affect your term length.
Once the term has ended, you can renew the policy or allow it to lapse. However, if you choose to renew, keep in mind that you are now older and more expensive to insure. Therefore, it is possible that your Houston TX Term Life Insurance premium amount will increase.
Life can take a turn without any warning. It’s better to prepare ahead of time and prevent your family from facing a disastrous financial situation. If you faced a terminal diagnosis tomorrow, would your family be taken care of after you’re gone? These are difficult scenarios to think about. However, thinking it through helps your beneficiaries feel they have peace of mind when you are gone.
Common Questions About Term Life Insurance:
Will a Medical Condition Disqualify Me?
This is a difficult question to answer as disqualification depends on your condition and the risk an insurance company takes by providing coverage. Terminal or chronic illnesses are likely to disqualify you from certain whole or permanent life insurance policies. However, there are exceptions.
Guaranteed issue and special considerations insurance policies are offered to individuals who have previously been turned down for coverage due to life circumstances. These policies tend to have higher premiums, but they offer death benefits to beneficiaries. Because these policies have specific requirements, it is best to research before applying for coverage. A knowledgeable insurance agent can help you through the process.
Are Medical Exams a Requirement?
The majority of whole and permanent life insurance policies will require a medical exam. Term life is no different. However, there are a few exceptions when it comes to specific types of term life policies. For instance, a guaranteed issue policy guarantees acceptance to any individual, regardless of age or medical condition. So, these policies tend to eliminate the need for a medical exam. Remember that getting an exam, even when it is not a requirement, is a great way to keep your premiums low.
What Are My Term Policy Options?
Voluntary or Group Term: Typically, this is a policy provided by employers to their workforce. Sometimes the employer pays the premium, while those who sign up will contribute to the premium amount. Although the rates might be low, consider doing research elsewhere before committing to a voluntary or group policy.
Guaranteed Issue Term- As discussed previously, guaranteed issue policies are for those previously turned down for life insurance. Patients with terminal or chronic illnesses, HIV, and even smokers can qualify for this type of policy. The premiums on a guaranteed issue policy are usually higher, but it does provide death benefits when you are gone.
Convertible Term: A convertible term policy allows the policyholder to switch from term life to a permanent life policy once the term runs out. So, if you have a ten-year convertible term, once that ten-year period is over, you can easily switch to a permanent insurance policy. It is important to remember that permanent life insurance policy premiums are significantly higher than what you will pay for term life coverage.
Level Term: Level term policies keep the premiums and death benefit amounts the same for the entire term. Neither will increase. Once you renew the policy, you should expect an increase. This is an ideal type of life insurance policy for the majority of individuals seeking term life coverage.
Decreasing Term: Life insurance is meant to help your loved ones cope financially with your loss. This includes paying off your debts. As you grow older, chances are your debts are decreasing because you’ve been working to pay them off. A decreasing term policy matches this decrease and lowers your policy coverage as the term progresses.
How Can I Prevent a Lapse in Coverage?
The best way to prevent a lapse in coverage is to renew your policy or opt for another type altogether. Whether that means switching to a permanent life policy or staying with term life policy, knowing when your policy ends can prevent a lapse in coverage.
Additionally, to ensure that you have the best coverage possible, take a look at your financial and life circumstances a few months before the coverage ends, and speak with an insurance agent about what policy looks best for you.
Contact Best Life Insurance Houston Agency
For more information about our business, personal, or retirement policies, log onto our website! You can also reach our wonderful team of agents by calling our office. We look forward to helping you find a Houston TX Term Life Insurance policy that works for you!
Houston, TX Fun Facts:
- You can take a 90-minute boat tour of the Houston ship channel, free of charge!
- Every Thursday evening, the museum district offers free admission to visitors.
- Explore the 9-miles of tunnels beneath Downtown Houston during the workweek.
- For more information about Houston, TX, visit the city’s website!