Difference between Whole Life and Term Insurance

Having a life insurance is a financial investment. It provides safety for those who depend on you when you are not there anymore to look after them. After you are gone, they can use the funds to pay for the mortgage, school fees, medical bills or even funeral costs.

Access Insurance Services offers life insurance which comes in two main types; permanent also known as whole life insurance, and term insurance also referred to as pure life insurance. The two types of life insurance differ in various aspects as discussed below;

Term insurance 

It provides coverage for a specific period as agreed in the contract. The policy is referred to as pure life since it is meant to protect your dependents only if you die before it expires. This policy has no additional value, thus, if you die within the term, your beneficiaries get to enjoy the payout. You get to choose and decide on the term when purchasing the policy in San Antonio, TX. The most common terms include 10, 20 or 30 years.

When shopping for term life insurance, you choose a term that coincides with the years when you want life insurance if you die early. Your dependents need for life insurance ends where the term expires.

Whole life insurance 

This coverage does not have an expiry period. It ends when you die. The policy also has an additional accumulative value which grows slowly with time. The benefits are strictly enjoyed by your family or dependents since they can only receive the payout when you are no more.

Although it may seem complicated compared to term insurance, whole life insurance is the most straightforward form of life insurance since; Premiums remain constant as long as you are alive, the investment component grows at a guaranteed rate, and death benefits are guaranteed.

The main difference between term and whole life insurance in San Antonio, TX are the premium payments, investment component and the expiry of the contract. If you wish to buy or learn more concerning life insurance, contact us at Access Insurance Services, and we will help you decide on which coverage works best for you.

Commercial Insurance Can Include Key-Person Coverage, Does Yours?

Access Insurance Services is proud to serve the business needs of our clients in the greater San Antonio, TX area. We offer comprehensive insurance plans and are here to help you protect the business that you have worked so hard to establish. If you are a business owner that is just starting out, or are growing and want to ensure that commercial policy provides adequate coverage, our agents are here to help. We are a comprehensive agency that is able to meet all of your commercial insurance needs. 

Does Your Business Need Key-Person Coverage?

Most small business owners wear many hats and perform a great number of the necessary roles to keep their business thriving. If you have key staff members such as a sales leader, Chief Operating Officer, or other person whose absence would have a detrimental effect on the firm, you may want to look into a policy that protects their health and ability to perform their duties. If this person were to become sick or otherwise incapacitated or dies, this coverage can help to bridge the gap in their absence, or while you search for an appropriate replacement.

If your business has a key-person that is essential for your overall success, it is a good idea to explore how a key-person policy can help to minimize any negative consequences caused by their unforeseen absence.

Small business owners understand the importance of complete coverage, including key-person coverage. Don’t put your hard work in jeopardy, schedule an appointment with Access Insurance Services today to make sure that you have the coverage you need to protect your business. Call us today at (210) 499-5433 to set up an appointment to learn more about key-person insurance can complete your commercial insurance coverage needs.