Life can be very unpredictable and none of us know when we will leave this world which is the reason that life insurance is so important. In Coppell, TX, the staff at The Select Insurance Agency know and understand the purpose of all the different types of life insurance options that are available.
Reasons You Need a Life Insurance Policy
Life insurance will help your loved ones pay off debts after you pass away which means there will be less stress for your family financially while they are grieving your death. A life insurance policy will also provide you with peace of mind in knowing your family will be taken care of in the event of your untimely death.
Types of Life Insurance Policies
Universal Life Insurance
The most popular of the three main types of life insurance policies, universal life insurance is a type of savings account of sorts. This type of policy allows you to borrow money from it while you are still alive so you can pay off debts on your own and your beneficiaries will not have those debts to worry about after you die.
Term Life Insurance
A term life insurance policy will only help your loved ones if you pass away during the term in which it is an active policy. It is a very simple type of life insurance policy and you get to set the length of each term, however, if the term expires and you renew, your premiums may go up somewhat.
Whole Life Insurance
A whole life insurance policy is also known as a permanent life insurance policy and it will pay out in a death benefit when you pass away. There are three different types of whole life insurance policies, including universal life, variable universal life, and traditional whole life.
An experienced life insurance agent can assist you in determining which type of life insurance policy will be the best one for you and your situation. Call the agents at The Select Insurance Agency in Coppell, TX to get your policy started today!
