TWFG Services Life Insurance – compare and save
You work hard to provide for your family. Life insurance gives you and your family the peace of mind to live life to the fullest and enjoy your times together. It also provides financial security to your family in your absence. A proper life insurance policy is part of your financial planning. Learn more about the types of insurance and which one is right for you and your family.
Types of Life Insurance
Life insurance is offered as either (1) term life insurance or (2) whole life insurance. If you are searching for a policy for you as an individual you will be purchasing one of these two styles of insurance.
Term Insurance is simple to purchase and simple to understand. You purchase an insurance policy for a specific period of time (usually form one to thirty years) and the plan pays only if death occurs during the term of the policy. These plans typically have no other benefit provisions.
Term life insurance policies are available in two types: (1) level term; (2) and decreasing term. Level term provides the same benefit throughout the life of the policy while decreasing term means that the benefits decrease, typically annually, throughout the duration of the policy.
Whole Life Insurance
Whole life, also referred to as permanent insurance, pays a death benefit whenever you pass. The premiums and the benefits typically remain constant throughout the policy. This style allows individuals to budget accordingly and to enjoy benefits even at an advanced age. In essence, if you start whole life insurance at an early age, the insurance company charges a premium that is higher than what’s needed to pay claims, investing that money, and then using it to supplement the level premium to help pay the cost of life insurance for older people. By law, when these “overpayments” reach a certain amount, they must be available to the policyholder as a cash value if he or she decides not to continue with the original plan.
TWFG Services Life Insurance – affordable insurance, not cheap insurance
At TWFG Services, we are committed to providing the best service and insurance options to our clients. The best plan is the one that fits your needs and we are here to help you select that plan. Start protecting your family and loved ones today. Contact us for further information on the life insurance policy that best suits your needs.