Life Insurance
Life Insurance Coverage
Many individuals choose to make life insurance part of their financial plan, from young adulthood to retirement. Different kinds of life insurance are designed to help people in different stages of life. They also have different death benefit arrangements and cash value options. Learn more about different types of life insurance below.
Term vs. Whole Life Insurance
Whole life insurance offers permanent insurance for the duration of a person's life, as long as the insured person continues to make premium payments. Term life insurance, on the other hand, offers life insurance for a set period of time as defined within the policy.
Cash Value Life Insurance
Cash value life insurance provides both a death benefit and a cash value amount. A non cash value form of life insurance (such as term life insurance) may only include a death benefit. Universal life insurance and whole life insurance are both forms of permanent life insurance that can offer a cash value.
Not sure what type of life insurance you need? Meet with a Guardify agent to discuss your personal life insurance goals. Find a Guardify agent.
Hybrid Life Insurance Long Term Care Policies
Hybrid life insurance long-term care policies allow for an insured to accumulate long-term care coverage. If this coverage is not used, these funds become available to pass on to beneficiaries. With rising costs of long term care, hybrid life insurance long term care policies can be a helpful way to simultaneously achieve both death benefits and potential long term care coverage. Your Guardify agent can help you find the best hybrid life insurance long term care policy based on your goals.
Term Life Insurance for Young Adults
A term life insurance policy can help to cover life insurance for a specific period of time. These policies may have a lower monthly premium than permanent life insurance, especially for younger individuals who statistically have a longer life expectancy due to their young age. For young adults to mid-life individuals, a term life insurance policy can help provide coverage, security and peace of mind for a specific period of time. Guardify agents can help you navigate the policies and nuances of term life insurance to help you find the best term life insurance for young adults, as well as term life insurance options for other age groups.
Life Insurance for 30 Year Olds
The thirties are an important wealth-building decade for most individuals, and life insurance can be a helpful consideration in financial planning. Monthly life insurance premiums will be typically lower for 30-year-olds than for older adults, so buying into a policy in your thirties might result in a lower monthly premium than waiting until later in life. Individuals in their thirties can consider both permanent life insurance and term life insurance options. A Guardify agent can help you find the best life insurance for 30 year olds, whether you are looking for a cash value or a term policy.
Life Insurance vs. Roth IRA
If you are considering life insurance vs 401k investments or another type of retirement account, it may be helpful to consider the context and purposes of these different investments. Life insurance is intended to provide a benefit amount to surviving beneficiaries of the insured, while a retirement investment account accumulates retirement savings account that an accountholder can draw from during retirement.
A retirement accountholder can designate beneficiaries to the retirement account, and surviving beneficiaries will receive remaining funds as designated upon the death of the accountholder. Similarly, beneficiaries of life insurance will receive death benefit funds upon the death of the accountholder.
Someone who purchases a life insurance policy will not have access to life insurance funds during their lifetime, since these funds are reserved solely for beneficiaries (except in the case of a hybrid long-term care policy). However, someone who invests in an IRA will be able to access and use 401k or IRA funds during retirement.
Life Insurance Limits
Life insurance policies can be considered in a variety of limit increments. Common limits include the following:
- 10000 life insurance policy
- 25000 life insurance policy
- 50k life insurance policy
- 100000 life insurance policy
- 250k whole life insurance policy
- 1 million dollar life insurance policy
- 5 million dollar life insurance policy
- 10 million dollar life insurance policy
Life Insurance Policies in Texas
Many life insurance companies in Texas are based nationally but are licensed to sell policies in Texas. Whether you are looking for life insurance companies in Houston, Dallas, Austin, San Antonio, or anywhere in between, Guardify can help you find the best life insurance policy Texas can offer based on your unique insurance goals.