Austin, Texas Individual Life Insurance

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Austin, Texas Individual Life Insurance

Determining the right type of life insurance policy usually depends on your future plans and goals. You have the option to provide your beneficiaries with a tax-free income, you can ensure funds for final expenses or estate taxes, you may choose to replace the income lost from your passing, or you can even provide a charitable contribution. Whatever your goals are, Heaton Bennett can help you chose the policy that will fit your needs at an affordable price.

Individual Life Insurance can be important for:

  1. Help replacing your lost income – if your family depends on you as the primary income earning, losing that money can have devastating consequences for your loved ones.
  2. Final expenses – the average funeral can cost between $7,000 and $10,000. If not covered your family may have to pay these expenses out of pocket instead of using life insurance to pay for funeral and burial expenses.
  3. Paying of outstanding debt – your debts, be they a mortgage, auto financing, or credit card debt can be paid off upon your death with the correct life insurance policy.
  4. Inheritance – you can use a life insurance policy as an inheritance even if you don't have substantial assets to pass on to your beneficiaries.
  5. Used to pay taxes
  6. Making a charitable contribution

Life Insurance options in Austin, Texas

By and large, age and health are the most critical factor in determining the premium you’ll pay. While you can obtain a policy at any age, the younger, and there by healthier you are, the more reasonable the rates will be.

Regardless of the plan chosen, these insurance policies are designed to provide benefits upon death. Term and Whole Life (often called Permanent) are the two most common types of life insurance in Austin, Texas.

Term Insurance is an easy and affordable way to protect your loved ones for a specific period of time. A term policy typically lasts from 1 to 30 years and can be purchased at any time. The policy can be used for such times as until your children graduate college, or you are able to pay off a large debt. The policy pays a benefit only if the insured individual passes during the period of active coverage.

There are several types of Term policies, but the most popular are Level Term Life Insurance where the policy pays the same benefit throughout the duration of coverage, or you can choose a Decreasing Term Life Insurance policy which means the death benefit drops over the course of the policy's term. When your coverage term ends, you may have the option to convert your policy to a Whole, or Permanent, Insurance policy.

Whole or Permanent Insurance provides protection for your entire life while providing the ability to accumulate and access the increasing cash value. Permanent life insurance policies allow the premium dollars you pay to accumulate cash in your policy over time. This cash value can grow efficiently because a policy’s cash value grows tax deferred.

As with Term Insurance, Whole Life Insurance has three different policies available with variations of each type. Whole Life provides broader benefits, Universal Life allows you to vary your premiums, and Variable Life allows you to manage your investments.

Our agents at Heaton Bennett Insurance will work with you to ensure you understand all your options and the different types of Texas life insurance policies available that will best fit your specific needs. 

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