Getting Life Insurance is always a smart decision: it gives you peace of mind and helps safeguard the financial future of those you care about. But how to choose life insurance that works for you? Keep reading to learn how.
Two Basic Types of Life Insurance
The first step to finding Life Insurance that meets your needs is knowing which types of coverage are available. There are two basic types of life insurance for individuals:
- Term Insurance. Covers you only for a limited amount of time, which can go for one to 30 years. This is the simplest (and usually less expensive) type of Life Insurance.
- Permanent Life Insurance. As the name suggests, Permanent Life Insurance covers you through your lifetime, as long as you keep paying your premiums. This type of coverage tends to cost more compared to Term Life Insurance
In addition to being more expensive, Whole Life Insurance is more complex than term insurance. In the next section, we’ll take a look at the different types of Whole Life Insurance.
Permanent Life Insurance
If you are interested in lifetime coverage, Permanent Life Insurance is the way to go. Here are the options available to you:
- Whole Life Insurance. This type of Life Insurance combines traditional coverage with a savings account whose value increases over time.
- Universal or Adjustable. Gives you more flexibility compared to Whole Life Insurance. You may be able to increase the death benefit if you pass a medical exam, or modify your premiums after money has been accumulated in your account.
- Variable. Blends the protection of life insurance with a savings account you can invest in stocks or bonds. As with any other type of investment, you can earn money fast, but you may lose it as well.
- Variable-Universal. Takes the most important features of Universal and Variable insurance. On one hand, you get the investment option of Variable Insurance. On the other hand, you get to adjust
How to Choose Life Insurance That Works for You
In short, if you are on a budget and want coverage only for a limited amount of time (maybe while you raise your kids and pay your mortgage), Term Life Insurance is probably the best choice.
If you are willing to pay for more sophisticated coverage that protects you all your life, plus a savings or investment account, then Permanent Life Insurance is the option for you.
As with any other type of insurance, you can customize your Life Insurance coverage with endorsements that fit your lifestyle. Contact the experts at BZ Bee Insurance Services to learn more about Life Insurance and start building a policy that meets your needs.
Looking for Life Insurance in Houston, Texas? Contact BZ Bee!
When it comes to dependable life insurance in Houston, Texas, or anywhere else in the Lone Star State, BZ Bee Insurance Services is the way to go.
To get a free quote for a personalized life insurance policy, just contact us by email (ayalamariaeugenia@yahoo.com) or telephone (832-729-8114), or fill out the contact form on this website. We look forward to hearing from you!
