Types of Life Insurance Plano TX

What Life Insurance Policy Is Right For You?

Knowing the different types of Plano, TX life insurance policies can help you find the coverage you deserve.

Your life insurance policy is one of the only insurance policies available that you do not buy to cover yourself. Life insurance is meant to provide a financial cushion for your loved ones after you pass away. Use this guide to learn the pros and cons of the types of life insurance in Plano, TX to ensure you choose the right policy.

Whole Life

A whole life insurance policy, sometimes known as a permanent life policy, will provide coverage for your entire life, no matter if you die today or live to be 115 years old. The premiums will typically stay the same through the life of the policy, and the death benefit is guaranteed as long as you keep up with the rates. Whole life plan also have a savings component that you can borrow against while the plan is still in place.

Term Life

Term life policies are some of the most affordable and common types of life insurance. They are meant to provide coverage for a specified amount of time, typically from 10 to 30 years. If you pass away during the life of the policy, your beneficiaries will receive the death benefit. However, if you outlive the policy, there will be no payout.

Universal Life

Sometimes called an adjustable life policy, these policies are a variation of a whole life policy. Just like whole life, universal life policies have a savings component. The difference is that the protection level and cash values can be adjusted during the term of the policy to meet your changing needs.

No matter what type of Plano, TX life insurance policy you need, the experts at Tri-Star Insurance Professionals can help. Contact us today for all of your Texas life insurance needs.