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Choose your Houston, TX life policy from the selection available at Best Life Insurance Houston Agency today. Many different types of life insurance policies are available on the market today. Of course, most people think that life insurance isn’t something you have to start worrying about until you’re about to retire. However, life insurance is available to everyone, regardless of their age.
There are many reasons to buy a personal life insurance policy. Some people do it to financially protect their families if they die an untimely death. Others do it for their and their families peace of mind. And some others see their life insurance policies as an investment since the cash value of permanent life insurance can grow over time.
Other common reasons to buy life insurance include the following:
- Help cover final expenses, such as funeral costs and debt
- Ensure your children are able to attend college after your death
- Maintain your family’s current lifestyle in case you die unexpectedly
Life insurance policies are for everyone. Whether you’re about to start a family, retire, or work in a risky and dangerous industry, a life insurance policy can help your family after your passing. Contact an experienced life insurance company like Best Life Insurance Houston Agency today to speak with an expert. Get a quote today or learn more about life insurance.
Different Families Need a Different Houston, TX Life Policy
Select your life insurance coverage from our life insurance options here at Best Life Insurance Houston Agency. Your family is different from your neighbors across the street. Of course, that means your best plan may not be theirs and vice versa. There are various types of coverage, and our team can help you choose the best option for your situation.
In essence, life insurance is a contract or agreement between you and the life insurance agency. All life insurance plans have two main components: premiums and the death benefit. You pay premiums, and the insurance company will pay a death benefit to the people you name if you die while the policy is still active. So long as you pay the premiums, your policy will remain active unless there is some other circumstance.
As morose as it is, the death benefit of a life insurance policy is aptly named. The death benefit is the amount of money your beneficiaries will receive if you die while the policy is active. They can use the death benefit for anything they need or want. This includes paying off debts or medical bills, covering funeral and burial expenses, basic living expenses, or providing for any future financial needs.
You can split life insurance into two types: temporary and permanent. Well, there’s really only one type of temporary life insurance called term insurance. On the other hand, there are several permanent life insurance policies, including whole life, universal life, variable universal life, guaranteed life, etc.
Term Life Insurance
A term life policy is a temporary policy that only remains active for a set period of time. You can pick and choose how long you want the policy to remain active. Usually, it’s in periods of 10, 20, or 30 years.
These types of policies only provide the basic death benefit. If you die during the term, your family will receive the benefits. If you don’t, the term Houston, TX life policy expires, and nothing else happens. Of course, some will allow you to either renew at the end of the term or upgrade into a permanent life insurance policy.
Whole Life Insurance
Whole life policies are the most common type of life insurance. These policies are permanent life policies that remain active for the rest of your life as long as you pay the premium. All whole life insurance plans have a guaranteed death benefit and level premiums, regardless of when you pass away.
Unlike term life insurance policies, these types of policies can build up cash value over time. The cash value accumulates tax-deferred. You can use the cash by withdrawing the money or taking a policy loan. The cash value can be used to help cover the premiums, or you can leave it alone and use it as a source of financial security in your retirement.
Universal Life Insurance
Universal life insurance is another common type of permanent life insurance. Like with other permanent life insurance policies, you have a guaranteed death benefit and cash value accumulation. As with whole life insurance, the cash value grows tax-deferred, and you can use it by withdrawing it or taking a policy loan. However, unlike with a whole life policy, the cash value and death benefits may fluctuate depending on your actions.
The greatest benefit of this type of policy is the flexible premium payments and death benefit amount. If you realize you can’t pay a period’s premiums, you can dip into your cash value to help alleviate the premiums and vice versa. You can also choose how your cash value is invested. Of course, these policies are not guaranteed, and your premiums could increase if the cash value doesn’t perform as expected.
Speak with an Insurance Agent Today
As major events happen throughout your life, life insurance is something to think about as you grow older. Whether you want financial protection for your growing family or something to leave for your descendants in your retirement, life insurance may offer what you need. Call Best Life Insurance Houston Agency today to learn more about how our experts can help.
Visit our location to see and hear about all of the options available for you. We can help you get the Houston, TX life policy that best suits your situation.
Houston, Texas Fun Facts:
- Houston is the fourth most populous city in the nation.
- However, it is the most ethnically diverse.
- Over 145 languages are spoken in the city, including German, Chinese, Spanish, and Tagalog.
- For more fun facts, visit the city’s official page.