Our agents at Alloy Insurance Partners, serving the Dallas, TX area know and understand the importance of life insurance. While no one likes to think of what will happen when they die, it is imperative that you have the peace of mind that comes with an appropriate life insurance policy while you are alive.
The Importance of Life Insurance
Suppose you die unexpectedly and have a life insurance policy in place. In that case, your beneficiaries and loved ones will be saved from the stress and worry of how to pay for your funeral, along with all the regular bills, such as the mortgage, car payments, and even college tuition for your kids. By having a good life insurance policy in place, your family can grieve their loss without having the added stress of worrying about how they will survive financially.
Life Insurance Options
There is a variety of different types of life insurance policies that you can choose from based on what will work best for you and your situation. Read on for a detailed list of the three most common types of life insurance policies.
Whole Life Insurance
A whole life insurance policy includes universal life, whole life, and variable life insurance. These types of insurance will pay out a certain amount of money to your beneficiaries when you die and have a cash value component to them.
Term Life Insurance
This type of life insurance is the most affordable policy but is only in effect during the term you sign up for. The most common terms are 10, 20, and 30 years. You get to choose the length of the term of your policy and can renew it when the term expires. A death benefit will be paid out to your loved ones if you die during the term that the policy is in effect.
Universal Life Insurance
Universal life insurance is the most popular type of policy since you can borrow from it while you are still alive to pay off large bills, such as your mortgage or vehicle. This will provide you with peace of mind in knowing that your family is secure financially before you pass away. This policy will also pay out a death benefit to your loved ones after you pass away.
Contact Alloy Insurance Partners
Contact the life insurance specialists today at Alloy Insurance Partners serving the Dallas, TX area to get your life insurance policy started!