Many people often assume that life insurance is meant for certain demographics of people, such as married and old people. That’s due to the lack of understanding of how life insurance works. Regardless of age, marital status, or profession, everyone needs a life insurance policy.
Even if you have other financial backups, such as bank savings and stocks, they cannot replace the needs for life insurance. Having life insurance in San Antonio, TX, gives unique benefits that cannot be found in other financial instruments. The following are some of the advantages that make being a policyholder, very desirable.
Why You Need Life Insurance
Financial Support for Your Life Goals
Life insurance is one of the best financial tools that can help meet your personal, career, and business goals. Many Texas life insurance policies have various products that can provide a financial buffer at every stage of your life. From school loans, children’s school fees, basic family needs, and lots more, there is an endless list of aspirations you can achieve with your life insurance.
Ideal Retirement Plan
Ever heard of an annuity? It is an insurance product designed to cater to your needs in retirement. After schooling, career, and child-raising years, you deserve a stress-free and fulfilled retirement. Your life insurance policy can serve as your source of pension with steady payouts to meet your needs.
Life insurance offers one of the best tax benefits you can think of. Unlike other investment tools that take out a sizable portion of your income as tax deductions, payouts from most life insurance policies are tax exempted. This allows you to maximize the yield for any financial need, as you deem fit.
Financial Coverage for Critical Illness
There is a life insurance feature that allows you to take out a certain percentage of your policy’s death benefit to pay your medical bills if diagnosed with certain critical illness. With the high rate of chronic diseases in the U.S. today, this is an ideal way of preparing for life-changing, unforeseen circumstances that can affect you and your family.
Both traditional and modern life insurance products consider death benefits as the most crucial element of a policy. As a matter of fact, the first life insurance in history was initiated for this purpose. After your death, your beneficiaries will be eligible for lump sum payout to meet their needs. Your beneficiaries can be your spouse, children, relatives or any entity as you deem fit. The payout can be used to settle your hospital bill, funeral cost, and other family needs thereafter.
How Does Life Insurance Work in San Antonio, Texas?
It doesn’t matter whether you live in Converse or in another San Antonio neighborhood, Texas is one of the best U.S. states to own a life insurance policy. Life insurance is a contractual agreement between two parties – the insured and the insurer. As an insured, you pay a certain agreed amount, either in a lump sum, monthly, quarterly, or annually, as premium. In return, your insurer agrees to provide financial protection for you in accordance with the agreement signed.
In Texas, the state’s Department of Insurance and other organizations like Texas Life & Health Insurance Guarantee Association ensure that your interest is protected throughout the policy term. The state’s insurance law is very much customer-centered to guarantee maximum benefits from your San Antonio life insurance company.
Types of Life Insurance
There are two major types of life insurance in Texas. They are Term life insurance and Permanent life insurance. Each of them, however, consists of diverse products that help you enjoy high-quality and flexible coverage.
Term Life Insurance
Term life, as the name implies, is designed to cover you for a certain number of years. It could be set for 2, 5, 10, 25, or 30 years. If you pass away while the policy is still in force, your beneficiary will receive the agreed death benefit payment. And in case you outlive the policy, you can choose to renew it, provided it has a renewable option. Available products under term life include:
- Guaranteed Level Term
- Modified Term
- Annual Renewable Term
- Decreasing Term
- Return of Premium Term
Permanent Life Insurance
The permanent life insurance policy covers you from the moment you purchase it until you pass on. It doesn’t matter if you live to 100 years; your policy remains active as long as you don’t d default in premium payment. Some products under permanent life insurance offer investment options that yield interest known as cash value. They are typically costlier than term policies. However, the life-long protection for you and your family, plus death benefits are good worth for the cost. Some permanent life products you can get in San Antonio, TX include:
- Whole life
- Variable life
- Universal life
- Variable universal life
- Survivorship life
Gonzales Insurance Can Get You Covered
There’s a lot that goes into life insurance underwriting process and benefits claims, which makes it a complex terrain for nonprofessionals in the sector. This is why we are right here to help you out.
Here at Gonzales Insurance Group, we work with the best insurance companies in the U.S. to provide our clients and their loved ones with adequate financial clients. Your age, budget, profession, or health status isn’t a barrier, you can always count on us for quality and affordable policy. Getting the best life insurance policy in San Antonio today is as simple as filling out this free quote.