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Are you looking for Houston TX universal life insurance for yourself or your family? Were you wondering where to begin, or were you comparing specific policies that would suit you and your family? The insurance experts at Best Life Insurance Houston Agency can sit down and answer any questions you may have.
There are a few types of life insurance, namely permanent or term life insurance. Even among the types of permanent life insurance plans available, there are several to peruse before coming to a decision. One of the several varieties of life insurance is universal life insurance. Give us a call today to set up an appointment!
Houston TX Universal Life Insurance
Looking for an insurance plan that will last you for a lifetime? Perhaps you’re looking for one that will give you some flexibility. There’s universal life insurance. Like whole life insurance, the more common type of permanent life insurance, universal life will cover you and your family for a lifetime.
However, unlike whole life policies, universal life gives you some flexibility down the road in case anything major happens in your everyday life.
If you think this sounds like a possible insurance plan for you and your family, you should consider sitting down with an insurance agent. Any of the experts at Best Life Insurance Houston Agency are more than happy to answer and alleviate your questions and concerns about Houston TX universal life insurance.
What Are The Benefits?
Permanent life insurance plans are designed to help protect you and your family’s standard of living in the case of the death of the insured. Depending, it could even help fund your children’s education or help replace income. Universal life insurance does that while giving you some breathing room down the line. Most universal life policies offer options to change the death benefit amounts or adjust premium payments to a certain extent.
With whole life insurance plans, the death benefits and premium will remain the same throughout the duration of the policy. On the other hand, universal life insurance plans have the option to increase or decrease the death benefit amounts as long as a sufficient premium is paid. With some plans, you may be able to increase the death benefit if you pass a medical examination.
Like with most whole life insurance plans, certain universal life plans also provide expanded cash value options. Some policies say that the cash value can be linked to the general performance of stock market index funds, with limits on how much you can gain or lose. Other universal life policies that are possible offer guaranteed annual return options. There are even some policies that offer a combination of both.
Extra benefits that may come with universal life policies
If your policy has any options that provide a way to accumulate cash value and money has accumulated in your account, you may have the option to alter your premium payments. Of course, only if you have enough money in your account to cover the cost. This is useful in the case your financial situation has changed in any way.
However, be careful. If you stop or reduce your premiums and the savings in your account get used up, your insurance policy may lapse, or coverage will end. Please make sure you speak to your insurance agent before deciding to do so. Any of the experts at Best Life Insurance Houston Agency are willing to answer any questions you may have.
Variable Universal Life Insurance
In your search for a universal life option that suits your needs, you may come across something called a variable universal life plan. What is that, you ask? As the name suggests, a variable universal life insurance plan is a combination of a variable life plan and a universal life plan. Now, you’re probably wondering what a variable life plan is.
A variable life insurance plan is a type of policy that combines death protection with a savings account. With this savings account, you can invest in stocks, bonds, and money market mutual funds.
Like with other forms of investment, your policy’s value may grow more quickly, but it’s also at higher risk. If your investments don’t go well, your cash value and death benefit may also decrease. However, some policies will guarantee that your death benefit won’t go below a minimum.
Back to what variable universal life insurance is – it’s a combination of a variable life plan and a normal universal life plan. You have both the investment rewards and risks that come with a variable life plan, paired with universal life plans’ ability to adjust your premiums and death benefits.
You have the freedom to decide where to invest your cash value. With this type of plan, you can choose subaccounts similar to mutual funds or fixed accounts. Of course, like with all investments, this potentially comes with higher growth and increased risks.
There aren’t any limits on how much cash value you can accumulate or lose. The value of your policy will depend on your own investments.
Is this the type of life insurance for you?
Universal life insurance plans are another type of permanent life insurance. Your family members are guarantee to receive the life insurance death benefits in case of death of the insured. However, unlike most other permanent life insurance policies, you’ll have the flexibility to change your death benefit amounts and premiums later down the line.
Some universal life insurance policies will also include expanded cash value options. This’ll allow you to invest the accumulated wealth like stocks, but there’ll be limits on how much you can gain or lose. With insurance plans like variable universal life insurance, you could have the freedom to invest your accumulated cash value without having to worry about your death benefits decreasing without your consent.
After comparing universal life insurance policies, do you still think this may be the policy for you and your family? If so, you should sit down with an insurance agent to continue discussing all your options. The experts at Best Life Insurance Houston Agency can help you with that. They’ll answer any questions you may have about Houston TX universal life insurance policies.
Houston, TX Fun Facts:
- At the David Adickes Sculptrworx Studio, you can see gigantic head sculptures of famous people, including George W. Bush and The Beatles.
- Houston has an Art Car Museum that showcases cars transformed into works of art, including a gigantic bunny, a bull, and a giant red high heel.
- Houston’s Museum of Fine Arts is the largest in the state, and with more than 62,000 works of art, it is the largest collection in the Southwest U.S. 38.
- For more information, visit us here.