Life insurance is an investment, but the needs of the individual will vary from person to person. That is why it is a good idea to speak to Planners Insurance Group serving the city of Fort Worth, TX about the different categories of life insurance available. There are two main types of life insurance divided into three categories. These are:
Term Life Insurance
Term life insurance is insurance for a certain amount of time in your life. It is usually specified in years. If you die during the term of the policy, then the death benefit is paid to your beneficiaries. If you do not die before the expiry of the policy, then you have the option to renew or let it lapse. The premium is determined by your age.
Permanent Life Insurance
In Texas, permanent life insurance has two subcategories. These are:
Whole Life Insurance
Whole life insurance is for your whole life until your death unless you stop paying the premium or decide to cash in the policy.
Universal Life Insurance
Universal life insurance is capped at a particular age, usually 95 or 100 years. When the policy matures, you are eligible to receive the cash value of the policy.
Other Categories of Life Insurance
Sometimes, more particular life insurance would be a better fit for your needs. There are two further options available.
Credit Life Insurance
This category of insurance is used to pay off an unfinished debt in the event of your death.
Prepaid Funeral Insurance
This category of insurance pays for your funeral if you should die.
Speak to the friendly folks at Planners Insurance Group serving the city of Fort Worth, TX today, and make sure you have the right life insurance for you and your beneficiaries.