The Three Main Types of Life Insurance Explained

There are many reasons to have a life insurance policy in place, including the peace of mind that comes from knowing that your family is financially stable if you pass away. The life insurance agents at the Integrity Advisors Agency LLC (Stephen Reese) in San Antonio, TX want you to know more about the three main types of life insurance that are available for you and your family.

Types of Life Insurance Policies

There are three main types of life insurance policies available for you to choose from depending on your situation.

Universal Life Insurance

By far, the most popular life insurance policy option for many people it’s called a universal life insurance policy. With this type of policy, you can actually borrow money from it while you are still living. This means that you can pay up many of your large debts before you pass away which will leave your family in a much better financial position. You can even pay off your mortgage which means your spouse and children can remain in their home even if you are the main breadwinner.

Term Life Insurance

A term life insurance policy will only be paid out if you die during the term that the policy is in effect. You can get a term life insurance policy for one year, 30 years, or even longer. The length of the term is determined by you. Keep in mind, though, that once the term expires, you will have to renew the policy with a new term and that could possibly cost you more money when it comes to the premiums.

Whole Life Insurance

A whole life insurance policy, also known as a permanent insurance policy, will pay out a death benefit when you pass away and does not have a set term. There are three main types of whole life insurance policies that you can purchase, including universal life, traditional whole life, and variable universal life.

To determine which type of life insurance policy is best for you and your situation as well as your loved ones, contact the life insurance agents at the Integrity Advisors Agency LLC (Stephen Reese) in San Antonio, TX today!