Life insurance helps you secure a peace of mind by protecting your family financially if you were to die unexpectedly and prematurely.
The right policy coverage depends on your individual preferences such as how long you want the protection to last for, the amount of money you want the policy to pay out in the event of a claim, and how much you can afford to pay in premiums. At Clients First Insurance Group, LLC in Texas, we help you choose the right coverage policy. The following options are offered.
It is a permanent policy that provides a death benefit no matter how old you are. It's a life coverage with an investment fund that pays a fixed amount on your demise. Part of the incentives goes towards building cash value from the insurance company's investments. You can borrow against the accumulation fund in cases of emergency or even paying college fees without taxation. Annual dividends are also paid and can be used to pay premiums, purchase insurance, or we can send the money to you.
Universal life is also a permanent policy. It provides a death benefit and a cash value return. It is more flexible than whole life coverage as it allows the policyholder to choose the amount of the premiums to go towards the policy's death benefit and to the cash value.
Variable life and universal life are permanent policies. An investment fund is tied to a stock or bond mutual-fund investment but with no guaranteed returns.
It is a straight insurance with no investment component. It provides a death benefit for a set period, and when the term expires, you stop paying premiums and are no longer covered. Beneficiaries get the benefit only if death occurs during the set duration of the term life insurance.
Ultimately you need to decide the life insurance policy best for you. Understanding how each works helps you make the right decision. Regardless of your location in Texas, we at Clients First Insurance Group, LLC, are here to help you. Contact or visit us for more information.