Leapfrog Insurance serving San Antonio, TX, wants you to know about life insurance. Life insurance is an asset for your beneficiaries, and it pays out after your death. Life insurance is not for everyone but if you have people who rely on you for an income you should seriously consider it.
There are two main types of life insurance.
Term Life Insurance
Term life insurance is life insurance for a certain term of your life. It may be for one year or up to 30 years. If you die during the term of your life insurance, then your insurance will pay out to your beneficiaries. If you don’t pass away during the life insurance term, it will not pay out.
Term life insurance is usually the more reasonably priced of the two types. However, the cost increases as you age. Depending on the terms of your policy, you may be able to convert it to permanent life insurance later.
Permanent Life Insurance
Permanent life insurance is the other type of life insurance, and it is normally for your whole life. Permanent life insurance has two types of policies.
Whole Life Insurance
Whole life insurance is for your entire life, and it pays out to your beneficiaries after your death. This policy may lapse if you stop paying the premiums or withdraw the full cash value.
Universal Life Insurance
Universal life insurance is the other type of permanent life insurance and stays in effect until the maturity date. At that time, the policy pays out even if you are still living. It is the more flexible option of the two types of permanent life insurance.
Life insurance is customizable, so if you need life insurance, contact Leapfrog Insurance serving San Antonio, TX, today to ask about your options.