When choosing life insurance in Houston, TX, you have to make several choices. One of the most important choices is whether you want to purchase a term or whole life policy. At City Centre Insurance Agency LLC, we can give you the information you need so you can make an informed decision.
Life Insurance Policy Options
Term Life Insurance
Term life insurance is basically a contract between you and an insurance company that pays out in the event of death. This is the most common kind of life insurance and usually lasts between 10 and 30 years.
The person named in the policy is responsible for paying a premium every month. If the person dies during the time period, the insurance pays out. If the person does not die while the policy is active, the policy simply ends with no benefit to the insured.
Whole Life Insurance
Whole life insurance is different because it has a cash component. You can also carry the same whole life policy for an entire lifetime. Many people choose to purchase whole life policies for loved ones while they are young so these benefits are locked in.
The insurance will pay a death benefit if the insured person dies during the contract period. Some of the money paid into the policy adds up on a tax-deferred basis. You can borrow against your own policy to get cash. Once you have a whole life policy, your premium stays the same throughout your lifetime, with no need for a physical.
Reach Out To Us
There are advantages to buying life insurance as soon as possible. If you are in Houston, TX and would like to get the peace of mind you and your family deserve, please call City Centre Insurance Agency LLC today.