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A Houston TX Term Life policy can offer coverage and peace of mind when it matters most. Life can take an unexpected turn quickly; be prepared by shopping for and maintaining a policy now! The life insurance agents at Best Life Insurance Houston Agency will help you select a policy based on your current life circumstances and financial obligations.
The right life insurance policy will provide a financial umbrella for your loved ones in the instance of your passing. Additionally, having this policy in place ensures they can grieve properly without having to worry about the financial stress of planning a funeral.
What is Houston TX Term Life Insurance?
Life insurance is designed for two things: replace the income of the deceased and cover funeral expenses. This is what term life can do for you. Furthermore, Best Life Insurance Houston Agency makes it easy to find and select the policy that provides maximum insurance for your loved ones when you are gone.
Term life insurance is a type of policy that lasts for an agreed-upon amount of time. Most term life policies will last from one to thirty years, and the majority come in ten, fifteen, and thirty-year coverage terms.
Which term length you select will largely depend on your current financial obligations and where you are headed with those. At the end of a term life policy, you can choose to renew it, allow it to lapse, or opt for another policy.
Term life insurance can provide coverage in desperate circumstances. If you receive an unexpected diagnosis, which might leave your family without their primary breadwinner, the future will look uncertain. Plan ahead of time by purchasing a term life policy that fits your timeline. If the policyholder passes within the defined length of time, beneficiaries receive death benefits. However, once the policy term is over, you must renew or risk a lapse in coverage.
Common Questions About Houston TX Term Life:
How Do I Choose a Term Length?
The majority of insurance agents will recommend that you choose a term length based on your current financial obligations. For instance, if you have a 30-year mortgage, purchasing a 30-year term life insurance policy ensures that if you die before the mortgage is paid off, your beneficiaries can handle the remaining debts.
Here are some general guidelines for selecting your term length. Furthermore, keep in mind that it will vary according to each individual’s life circumstances:
- 10-year term: If you have short-term loans, teens, or have a terminal illness.
- 15-year term: For families with middle-school children, long-term loans, or those of retirement age.
- 30-year term: Ideal for new homeowners, those that have long-term loans, and for families with young children.
- Temporary term: For those with older teens that will be able to financially provide for themselves within a few years. Also great for individuals with short-term loans.
Is a Medical Exam Required?
A medical exam helps insurance companies assess what your health condition is and the risk of insuring your life. Furthermore, even if an exam is not a requirement of your prospective insurance company, it can help lower your rates and qualify you for additional benefits. In most instances, you will be required to receive a medical exam for whole life and term life policies.
Can My Health Condition Disqualify Me?
Unfortunately, your health condition can disqualify you from many life insurance plans. However, there are exceptions. Guaranteed issue policies and special consideration policies often provide coverage for individuals with terminal illnesses and chronic conditions. Smokers can even qualify for a nicotine alternative policy.
There are types of term life policies for which you can qualify, even if you have a serious health condition. Get in touch with your insurance agent for assistance finding a term life policy that gives you the coverage you need and deserve.
What Are My Coverage Options?
- Level Term- The premium and death benefit amount on a level term policy does not change for the duration of the policy term.
- Decreasing Term- Life insurance helps beneficiaries pay off your debts in the case of your passing. As your long or short-term loans decrease in amount, so too can your death benefits payout if you choose a decreasing term policy.
- Guaranteed Issue- No medical exam required! You can get coverage when you apply for a guarantee issue plan. Additionally, this type of policy is very affordable.
- Convertible Term- This type of policy allows you to convert it to whole life or permanent life insurance once the term has ended. If you choose to go that route, keep in mind that your premiums will likely skyrocket.
- Voluntary or Group- A voluntary or group policy is provided by an employer, and in some instances, they will pay the entire premium for the group. It is a cheap and effective way for employers to offer their workforce additional benefits. However, before you sign up for this plan, compare it to what you can get on your own for a comparable price.
How Do I Prevent a Lapse in Coverage?
As your policy term comes to an end, there are several things to keep in mind. First, you are older and more expensive to insure. Furthermore, your premiums will increase upon renewal. Second, life circumstances can affect whether you qualify for a level Houston TX Term Life policy. As a result, it is best to keep in touch with your insurance agent as your policy rolls to an end. You can renew for another term or opt for another policy type.
Contact Best Life Insurance Houston Agency!
For more information about our business, personal, and retirement policies, visit our website! Additionally, you can call to receive a free quote. We look forward to helping you find a Houston TX Term Life policy that fits your needs!
Houston, TX Fun Facts:
- Houston’s namesake is Sam Houston, a hero of the Texas Revolution.
- You can take a free 90-minute boat tour of the Houston Ship Channel.
- Tour the many miles of tunnels underneath Downtown Houston.
- For more information about Houston, TX, visit the city’s website!