Protect Your Loved Ones Even When You're Gone
Protect Your Loved Ones Even When You're Gone
Protect your family from unnecessary financial stress by planning ahead. Allow us at Family Health Plans of TX to help find the right plan for you.
Term Life Insurance
Term Life Insurance
This insurance policy offers lower premiums than other insurance products with the same face value, but they do not accumulate cash value.
You’ll pay a premium for a specified period (generally 1 to 30 years), and you can choose to either pay the same amount or increase it with time. You must pay monthly, quarterly, semiyearly, or yearly. If you die during the term of coverage, your beneficiaries will receive the face amount of your policy.
Universal Life Insurance
Universal Life Insurance
Universal life insurance offers additional features and options, but it has the potential to accumulate cash value. You have the choice to increase or decrease your policy’s face amount based on your changing protection needs. Moreover, you can adjust the dollar amount of your premium and make additional lump-sum payments to your policy.
Since this insurance can build up cash value, you can borrow against this amount for any purpose. You can also choose to skip payments if your account has accumulated sufficient value since the payments will be taken from the collected value.
While a universal life policy can earn a higher rate of return than a whole life policy, there is a risk that it can also drop. We advise you to weigh the options thoroughly before proceeding with your purchase.
Whole Life Insurance
Whole Life Insurance
Whole life insurance is life insurance that you own for your entire lifetime. The face amount of death benefit can be selected to meet your needs. Premiums are fixed and you can pay monthly, quarterly, semiyearly, or yearly.
As you pay more premiums, your policy accumulates cash value that grows on a tax-deferred basis. To paint a clearer picture, let’s compare life insurance with universal life insurance. Whole life can cost higher, but you gain equity with each payment. In comparison, universal life costs less but is highly dependent on market conditions.
While you can borrow against a whole life policy for any purpose, loans require you to pay interest. Any borrowed amount you don’t pay back is deducted from the payout that your beneficiaries will receive at the time of your death.
Final Expense Insurance
Final Expense Insurance
You love your family. When you’re gone, you don’t want to leave them with major expenses. Make sure that they don’t have to worry about funds by getting final expense insurance.
Final expense insurance helps provide the money needed to pay medical bills, legal or unpaid fees, and funeral expenses. This policy lets you decide how your assets are distributed.