- Term Life Insurance -
Term life insurance provides you with a more affordable opportunity to ensure that your mortgage payments and other financial obligations are covered in the unfortunate event of your death. Even though term life insurance policies are offered for a limited time-period, you can always match them up with your mortgage payment cycles of 10 or 20-year contracts. For the budget conscious, this definitely seems to be a smarter alternative for a low cost death benefit.
Insurance companies offer cheap term life insurance policies with different contract time periods, conversion credit during the first five years, and transferable waiver of premium.
Other than being a cheaper option, term life insurance is better in other aspects when compared to a mortgage life insurance. With term life insurance, you are provided with many available personalization options. The proceeds from a term life insurance go directly to the beneficiaries instead of the lender, so the money can be used by your dependents as they wish, which could be to pay off any other debts you or your family may have accumulated over time. Term life insurance also pays a death benefit. According to NAIC (National Association of Insurance Commissioners), the companies pay almost 90 cents to the dollar in benefits for term life insurance policies. Typically a Whole Life Insurance policy will be 2 to 3 times costlier than a term life insurance policy.
Term life insurance offers the cheapest alternative to provide insurance coverage for your dependents. It has allowed individuals under budget-crunch situations to buy policies with larger payout amounts due to the limited term of the coverage. So, if you can renew your term life insurance regularly during your lifetime, you have actually found an affordable alternative to the more expensive Whole Life Insurance option.
- Call Hicks Insurance -
(281)812-1876
Hicks Insurance – Humble, Texas – Life – Term Life – Whole Life – Universal Life