Life Insurance Information
Life Insurance - Texas
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Many worry about their loved ones’ financial well-being and want to ensure they don’t face financial hardships. Life insurance is an essential form of support that enables you to leave money for your loved ones after death.
Life insurance pays out a designated sum of money at the end of the policy’s term or following your death to your loved ones, also known as beneficiaries. They can use this death benefit as they see fit.
What Are the Types of Life Insurance?
There are numerous types of life insurance, but most people choose between two main types of coverage.
- Term life insurance provides money to your beneficiary if you die during the policy’s term. This term may be a period of 10, 20, 30 or more years, depending on your policy’s expiration date. If you don’t die during this time, the policy doesn’t pay, and you need to reapply for a new life insurance policy to continue coverage.
- Whole life insurance lasts for the remainder of your life once you’ve enrolled, and the policy won’t expire unless you stop paying it. Whole life coverage also provides a cash value investment opportunity. The cash value component can be a source of income while you’re alive and the eventual death benefit.
Other types of life insurance may be beneficial, and these include the following:
- Final expense insurance
- Group life insurance
- Individual life insurance
- Key person insurance
- Long-term care insurance
- Mortgage protection insurance
- Second-to-die policy
- Universal life insurance
You may have multiple life insurance policies, but this also means multiple premiums with varying costs. Remco Insurance can help you choose suitable life insurance for your financial needs.
How Much Life Insurance Should I Have?
The amount of life insurance you should have is personal and dependent on your circumstances. Life insurance is sometimes tied to debts, such as a mortgage or car payment. If you die while your debts are outstanding, your beneficiary can settle these expenses with the death benefit. However, what you choose for your life insurance is your decision. We can guide you if you’re unsure of the amount you may need.
How Does Life Insurance Work?
The first step in obtaining life insurance is to meet with us to determine your exact needs. We may contact a third-party administrator to administer a physical exam on you, after which you’ll receive your rates and choose an appropriate policy.
Your policy premium will depend on your age, health and coverage, and although life insurance policy terms may vary, benefits typically pay out upon death.
Ensure Your Peace of Mind
Knowing your loved ones are helped financially can give you peace of mind. Call Remco Insurance at 800-282-2000 to get started on coverage that meets your needs—and those of your loved ones.