Life Insurance in Richardson, TX

While death is often uncomfortable to think about, planning for life’s inevitable moments is one of the most responsible choices you can make. Life insurance is a financial plan that may support your loved ones when you no longer can. By preparing now, you can help your family handle the unexpected with dignity and economic security.

What are the Different Types of Life Insurance? Happy family teaching their child to cycle on a sunny day outdoors.

There are two main types of coverage: term life and permanent life insurance. Within these categories, you can find various policies like whole life, universal life and final expense insurance.

  • Term life may cover you for a specific period, such as 10, 20 or 30 years. It’s straightforward and typically more affordable than other types of life coverage. If you pass away during the term, your beneficiaries may receive the death benefit. Once the term ends, the policy expires unless renewed or converted.
  • Permanent life remains in force throughout your entire life as long as premiums are paid. In addition to the death benefit, this often accumulates a cash value you can borrow against or withdraw.

What Does My Policy Cover?

Life policies may provide financial benefits after the policyholder’s death. These benefits can be used for various purposes, such as the following:

  • Funeral expenses
  • Paying off debts
  • Replacing lost income
  • Leaving an inheritance

Some policies also offer living benefits, which allow the insured to withdraw funds from the policy’s death benefit while they’re still alive. They may do this in case of terminal illness or disability, depending on the policy terms. However, using living benefits decreases the amount available to beneficiaries upon the insured’s death.

How Much For Coverage?

How much you’ll pay for insurance depends on factors, such as age, health, lifestyle and the type and amount of coverage. Term life insurance is typically more affordable than permanent options. Permanent life insurance, although pricier, may offer lasting coverage and financial growth opportunities.

Explore Your Options

One Sharpe Solution specializes in personalized life insurance solutions. Contact us today to discuss the optimal policy for you.

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