Life insurance is super important when it comes to protecting your family. Expecting the unexpected is difficult, but life insurance dramatically helps. The passing of a loved one is hard to cope with. Life insurance can help by reducing the financial stress and streamlining the processes after one’s death.
There are two different types of life insurance types grandparents and parents can enroll. A life insurance policy pays a lump-sum upon your death to your beneficiaries. This money comes from the premiums you pay periodically throughout the rest of your life. There are many different customization options when it comes to life insurance options.
Types of Life Insurance
There are two kinds of life insurance: term life and permanent life. Term life insurance is for a limited time. If the specified person does not die during the insured time, then the policy does not payout. Premiums for term life insurance are lower than permanent life insurance. Term life policies can last for various lengths ranging from 10 to 30 years. Again, the plan has no value if the insured does not die at the specified time.
Permanent life insurance lasts the person’s lifetime. Paying the premiums add up to cash value, which is then paid out to the beneficiaries upon death. Premiums are higher in this policy type and can fluctuate throughout your life. In some cases, your cash value may still be accessible to you when you are still alive.
Benefits of Life Insurance
The most significant advantage of life insurance is peace of mind when you pass. You will die knowing your loved ones will be left with financial help and are not burdened by your passing. Furthermore, these pay-outs are generally tax-free, so they get what is available. Policyholders may also be interested in joint policies with their significant other.
Life insurance is also easily obtainable. Interested parties should get in touch with the Texas Insurance Agency for more information on life insurance policies. They will find that we can help them customize their policy and obtain the insurance they are needing. Give us a call today at (281) 398-1010. If you are interested, then view our life insurance page as well.