More on Term Life & Permanent Life Types of Insurance

You protect your home and your vehicles from catastrophic loss, but have you done the same for your family? Your sudden loss would be difficult enough, but not being prepared will leave them with an extra burden.

Do I Need Life Insurance?

This insurance will allow your family to pay bills, living expenses, and burial expenses in the event of your death. It provides you and them with a sense of security and comfort in their time of need.

The good news is this type of insurance can be relatively inexpensive and provide you an extra layer of protection for your family, as well as a sense of ease.

For more visit The Texas Department of Insurance. You may look up items such as:

  • Individual versus group policies.
  • Types of life insurance.
  • Shopping tips for life insurance.

Texas life insurance

Types of Life Insurance

First of all, life insurance is an important decision for you and your family. It shouldn’t be taken lightly. Although life insurance comes in two primary types, each type has its own benefits and drawbacks, which is why you should get the help of a professional before making a life affecting choice of this nature.

Term Life Insurance

Term life insurance is sometimes referred to as pure life. It is a form of life insurance that guarantees payment of a death benefit. However, it only pays if and when the covered person dies during a specified term.

You may choose to either renew the insurance for another term after the specified period of time has passed. You may also convert the insurance policy to a permanent form of coverage. Finally, you may allow the term life insurance to terminate entirely and seek another. Its premiums are determined by your age, health, life expectancy, and other factors.

Permanent Life Insurance

PLI is a sort of umbrella term for an insurance policy that does not expire no matter how old you get. Permanent insurance generally combines a savings portion along with a death benefit.

There are two main types of PLI: 1. whole life 2. universal life. Whole life covers you for the full lifetime of the insured. In addition, its savings may grow at a guaranteed rate. Universal life also may include a savings element as well as a death benefit. However, it earns value based on the performance of the market and features several types of premium structures.

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