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;
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.