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Are you searching for a Houston TX Universal Insurance Company? If you are, then you need Best Life Insurance Houston Agency. Through our great policies at the lowest prices available, Best Life Insurance Houston Agency is ready to give you financial peace of mind.
Who Needs Life Insurance?
Not everyone needs life insurance at all times. However, if your family relies on your income to secure their financial future, then you need life insurance. Why, though? And what exactly is life insurance?
Life insurance is financial peace of mind during times of crisis. It helps ensure that your family is safe if you pass away before your time.
Life insurance can be paying off a home loan, or it can be paying for your grandchildren’s college tuition. Most importantly, life insurance ensures that your loved ones are taken care of when you pass away early.
Really, life insurance is just a contract between you and your insurance company that guarantees payment to your family in the event of your death. You pay an upfront cost, called a premium, to the insurer. This premium secures the payment after you pass. They can be large or small depending on how much insurance you have and how long the contract is.
If you pass away while the contract is active, then the company pays out an agreed-upon amount to your beneficiaries. The typical amount of insurance that companies recommend holding is about ten times your annual salary. This amount ensures that your family will be taken care of for years to come when you pass away.
Kinds of Life Insurance
Life insurance comes in two different forms. The first and most common is called term life insurance. Term life insurance is a solution to your temporary insurance needs. It is only active during a certain portion of your life.
If your family expects to need your income for only a portion of your life, then you only need term life insurance.
The other kind of life insurance is called permanent life insurance. The most common type of permanent life insurance is universal life insurance. As the name implies, permanent life insurance is active throughout the remainder of your life. As long as the policyholder continues to pay their premiums, permanent life insurance policies will be active.
Aside from the period of time that the policies are active, there is one other major difference between permanent life insurance and term life insurance: the cost. For most people, permanent life insurance costs too much for them and their needs. Most people only need term life insurance.
The reason that permanent life insurance costs so much more than term life insurance is that permanent life insurance has a guaranteed payout. Because term life insurance is only active for a specified period of your life, there is not a guarantee that insurers will have to pay your beneficiaries anything.
The same cannot be said for permanent life insurance. Because payment definitely will happen, insurance companies demand higher premiums to recoup their losses from policyholders.
Choosing a Life Insurance Policy
For most people, term life insurance is enough to cover their needs. Their family is not counting on their income for the rest of their lives. They do not expect significant payout in the event of their untimely deaths. Therefore, covering only part of their life’s expenses is enough for their needs.
However, simply knowing what is probably right for you does not make the final decision any easier. Choosing between different insurers is challenging. There are many options, and those different companies have their own unique policies. Without a guide to getting insured, it is easy to get lost.
The Steps to Choosing Life Insurance Policies
The first step in choosing a life insurance policy is deciding how much insurance you actually need. This task requires you to collect all of your financial documents and understand how much money you will need over the course of the upcoming years. The amount of debt you have as well as your savings will tell you exactly how much you will need to cover.
The second step in getting insured is evaluating the companies. The first consideration you need to make when deciding on an insurer is its financial standing. It does no good for you to have insurance with a company that will be bankrupt by the time you need them. Investigating a company’s financial background is a challenge, but there are national advisory boards to help you.
The third step in getting life insurance is gathering the information you need for the companies. Most insurers require some form of medical exam and history. Some online companies disregard this, but they are rare. Therefore, gathering the information needed by the companies will make getting a quote more accurate and easier.
The fourth and final step in getting life insurance is comparing quotes. Once you have determined the exact policy you need and received quotes from the companies, all you need to do is decide which one best fits your needs and budget.
Houston TX Universal Insurance Company
Cost is one of the most critical factors in determining whether a policy is right for you. Life insurance can be expensive, and some who do not have life insurance did not get it because they felt the cost was too high.
While the cost of universal life insurance is certainly higher than term life insurance, life insurance does not have to be out of everyone’s budget. Most of the people who choose not to have life insurance decided based on little more than feeling. They believe they cannot afford the cost, so they have no benefits.
With Best Life Insurance Houston’s quoting tools, you do not need to guess how much life insurance will cost you. You can make informed decisions based on what you need.
Why Best Life Insurance Houston is Right for You
At Best Life Insurance Houston, we know that everything we love has costs associated with them. Whether that is a home for your family or college tuition for your child’s future, your family’s future needs to be paid for.
If the unthinkable happens, our family still has those same obligations. All our plans become their burdens. The people we love already have so much to deal with. They should not have our financial burden to deal with, too.
At Best Life Insurance Houston Agency, we know that you do not have the same needs as everyone else. That is why every policy begins with a consultation with our experts. We work with you to get to know your goals and needs. We then personalize our policies to fit you.
If you are looking for Houston TX universal insurance company, then you need Best Life Insurance Houston. We offer the best rates for great policies no matter your stage of life.
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