Over the years, you have probably received dozens of pamphlets in the mail urging you to buy life insurance. Up until this point, you probably dismissed those flyers as pieces of junk and tossed them out in the trash. Now that you have a family of your own, however, you are ready to get serious about their future. Setting up a life insurance plan will give you confidence that your loved ones are taken care of if something happens to you. It will provide them the money for living expenses, burials costs, medical bills, and more. Unlike an investment, which might result in financial loss, life insurance pays a guaranteed death benefit. For Texas residents thinking about purchasing life insurance, the different types of policies to choose from are Term Life and Permanent Life.
Term life insurance offers a low initial premium, protecting you for a specified period of time, and provides death benefits only. There are two types of Term Life policies: Annual Renewable Term and Level Term. An Annual Renewable policy provides a 1-year term with a premium increase each year. A Level Term policy can be purchased in term periods of five years, where the premium remains the same for the entire term.
Permanent life insurance offers a higher initial premium, protecting you for your entire life, and provides death benefits and possible cash value or loan value. Two types of permanent life policies are Whole-Life Insurance and Universal Life Insurance. Whole-life stays in effect for your entire life, as long as you keep the policy. Universal offers flexible premium payments, and allows flexibility to choose your own term period.
Rates vary and will depend on a variety of factors including your age, gender, medical conditions, and more. For more information or to speak with a licensed professional, please contact T Blackwell Insurance Group today to discuss your options.