LIFE INSURANCE
Life insurance is a contract between an insurance policy holder and an insurer or assurer. The insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum.
Some of the most common types of life insurance policies are:
Term Life Insurance which provides protection to the owner for a specific period of time. A traditional term insurance policy, the premium amount stays the same over the course of the coverage period. Continued coverage may be offered after the term is over but generally at a higher premium rate.
Term life policies can be used to replace lost income during working years, providing a safety net for you and your family. This type of life insurance is generally less expensive than other life insurances.
Universal Life Insurance is permanent life insurance providing lifetime coverage. Premium payment amounts or coverage over your lifetime may be raised or lowered depending on the Universal life policy.
Universal life insurance is a great mechanism used in estate planning strategies to help preserve wealth transference to beneficiaries. It can be used for long-term income replacement in situations where additional income is needed.
Whole Life Insurance is permanent life insurance providing lifetime coverage. Whole life insurance premium payments generally stay fixed over the lifetime of the policy.
Whole life insurance is another great mechanism used in estate planning strategies to help preserve wealth transference to beneficiaries. It also can be used for long-term income replacement just like Universal life insurance.
Contact
info@beefinancialpartners.net
832-698-2010
9950 Cypresswood Drive,
Suite 200, Houston, TX 77070
Investment advisory services are offered through Bee Financial Partners Wealth, a Registered Investment Advisor. Investments through Bee Financial Partners Wealth are not FDIC insured, not bank guaranteed, may lose value, including loss of principal, not insured by any state or federal agency.