Life Insurance
Although it may be a morbid topic to discuss, it is always best to prepare your loved ones for their financial future should the worst happen. Since life insurance only pays out the policy premium should the policyholder pass away, it is always a good idea for someone that has people depending on them financially to carry a life insurance policy. When deciding how much of a policy to purchase, give thought to the outstanding financial obligations that will become the responsibility of your loved one when you pass. Start by adding your debts to include mortgage and student loans and then consider future expenses like college for your children. If you are the primary breadwinner then be sure that your policy protects your income by providing that to your family.
Generally speaking, there are two types of life insurance - whole and term. As the name implies, whole life insurance offers lifelong coverage and includes an investment component that you can borrow against if needed. With whole life insurance the policy is active as long as the yearly premiums continue to be paid in full, the death benefit is guaranteed, and the cash value grows at a set rate. Conversely, term life is less expensive but is only valid for a specific number of years - usually 10,15, or 20.
Choosing a life insurance policy sounds complicated, but it doesn’t have to be. At the IPS Agency Inc in Texas, our friendly and professional insurance experts can walk you through every type of life insurance policy and help you make the best choice for you and your family’s needs. We’ll customize a policy that meets or exceeds your expectations while answering any questions along the way. So don’t wait and give the IPS Agency Inc in Texas a call today to learn more about your options.
