Life insurance is essential for helping you provide for your family if you pass away. There are many different coverage options for Texas residents. There are a variety of ways you can determine which type of life insurance is best for you.
Types of Life Insurance Available for Texas Residents
Term and permanent life insurance are available for the residents of the Houston, TX area. Other possible types of life insurance include credit life and prepaid funeral insurance.
Term Life Insurance
Term life insurance offers renewability and convertibility options. This type of insurance coverage is not meant to cover you your entire life. With term life insurance, you get to choose the length of your policy term, whether it’s active for one year or longer. This life insurance pays a death benefit where your beneficiaries receive a lump sum payment when you pass away. Term life insurance premiums remain the same throughout the entire term. Your term can be extended for a fee.
Permanent Life Insurance
If you’re interested in life insurance coverage that offers flexible savings options, permanent life insurance is your ideal life insurance. This type of life insurance enables you to build your savings over time. These savings can be used in different ways, including:
- Investing
- Withdrawals
- Paying premiums
- Borrowing against
The two types of permanent life insurance available for Houston, TX residents are whole-life insurance and universal life insurance. Whole-life insurance is as its name states. This type of permanent life insurance is active your entire life unless you stop making payments or cash in the policy. Universal life insurance is active until the policy reaches its maturity date. At the maturity date, your coverage ends, and you receive the cash value of the policy.
Here at Modern Risk Management, we offer a variety of insurance solutions, including auto, life, health, renters, umbrella, and other insurance options. We’re dedicated to assisting our customers with finding the most beneficial insurance policy that suits their needs. Contact us now to learn more about your brand new insurance policy.
