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!

Life Insurance From Your Employer Is Not Always Enough

Millions of American workers receive life insurance as part of their employee benefits package. This type of life insurance is a form of group life insurance that costs very little to have. This form of life insurance is available to employees in San Antonio, TX, regardless of their current health status. Though there are benefits to receiving life insurance from your employer, the coverage may not be enough. 

The experts at Integrity Advisors Agency LLC (Stephen Reese) can help answer questions about life insurance and share additional information to give you the benefits you need.  

Benefits of Employer Life Insurance

As mentioned above, the most significant benefit of receiving life insurance through an employer is that you can obtain it regardless of current medical conditions. It is also very affordable, often costing only a few dollars per month. This form of life insurance is also very convenient, eliminating the need for a medical exam or seeking multiple quotes. 

Downsides of Employer Life Insurance

In most cases, employer life insurance does not provide enough money when it is needed. In most cases, people need more than a few years of their annual salary in benefits to ensure their family’s financial future is secure. This reason alone shows that life insurance from an employer is often not enough. 

Supplemental Coverage

Though you can get supplemental coverage from your employer, these policies can be more expensive than buying a life insurance policy on your own. Additionally, these policies still may not offer enough benefits when needed. 

When signing up for employer life insurance in San Antonio, TX, keep in mind that you may need to seek a supplemental policy. Additionally, your employer can cancel the life insurance option at any time, leaving your family with no policy at all. Call us today at Integrity Advisors Agency LLC (Stephen Reese) to discuss different life insurance options, which offer you and your family the best benefits.  

Is Life Insurance Worth Getting?

What would life be for your family if you were no longer able to support them? Life insurance can help you visualize the kind of life your loved ones will live when you are no longer on earth. 

Life insurance gives you the confidence that anyone who relies on your income for their well-being will be well-taken care of in case of your demise. However, some people consider life insurance to be a waste. 

This article will help demystify this notion. 

Benefits of Life Insurance

Are you wondering if life insurance is worth it, anyway? It would be best if you considered these significant benefits of life insurance before forming an opinion. 

Financial Safety Net for Dependents 

This has to be the most important reason why life insurance is worth it. Life without a breadwinner can be a nightmare for your dependents. However, with our cover at Integrity Advisors Agency LLC, we ensure that your dependents have a safety net to fall back to in case of your untimely death. 

Paying Final Costs

Death is enough sorrow to deal with when a breadwinner passes on. It would be tragic for your family to bear the burden of your last respects and medical bills at the same time. The best thing about life insurance is that it provides adequate coverage for any final costs that may be pending upon your demise. 

Paying Off Debts and Replacement of Income 

When the inevitable happens and death strikes, you might have pending bills. Unless there’s quick action, your family may end up at the mercy of creditors. Luckily, our life insurance plan at Integrity Advisors Agency LLC offers coverage against credit collectors for all our San Antonio, TX clients. 

Your family will also get an income replacement package to help keep them afloat upon your demise. These are more reasons why life insurance is worth it. 

Secure Your Afterlife Today

While it’s uncomfortable to discuss death, its’ one outcome you can’t overlook. The best way to build confidence that your children’s and spouse’s life is secure after your death would be to consider life insurance.

Our plans at Integrity Advisors Agency LLC are tailored to build confidence that your family is secure. If you are in San Antonio, TX, then it’s time to consider our services. Contact us today for more information.

At What Age Should I Start Considering Life Insurance?

Many people in San Antonio, TX may think of life insurance as something you don’t need to worry about until you’re retired. The truth is that life insurance is less about age and more about certain milestones you may pass in life.

The real question is whether or not you have people depending on you. If you’re fresh out of college, single, working an entry-level job, life insurance might not be a priority. But for many of us, that situation doesn’t last very long. Before you know it, you’re married, you have kids, you have expenses, loans to pay off, and if something were to happen to you, it would create many problems for a lot of people.

So the answer to the question may not be that there is a specific birthday where life insurance becomes essential. Instead, life insurance becomes important on the day that you start to feel like an adult with adult responsibilities. The term "life insurance" is appropriate, as it is your life that is being insured, your family, and home. Everything that you can’t simply walk away from in San Antonio, TX, that’s what life insurance protects.

The sooner you start, the better off you’ll be. Most insurers offer loyalty discounts, and life insurance tends to be far cheaper the younger you are, and the healthier you are.

If you’re ready to take that step, get in touch with the Integrity Advisors Agency. Integrity Advisors Agency can help you to find the right policy for you so that you can rest easy, knowing that, no matter what, your loved ones will be taken care of, and your responsibilities will be managed.