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Our Life Insurance experts will put together a personalized quote just for you.
Or give us a call at 210-558-0811 for a consultation.
Our licensed insurance agents in San Antonio are ready to assist you in finding the right policy and term that will provide comfort and coverage when you need it most.
The good news about San Antonio life insurance is that there are many policy types available with a high rating. Depending on your lifestyle, budget, business assets, family, and retirement strategy, we can find the right type of plan that will benefit your family.
Although the options available in San Antonio are vast, here is a quick breakdown. You can also talk with a Cuellar & Associates agent to make sure you purchase a policy that fits your situation.
Term life insurance is typically one of the most cost effective types of life insurance. The “term” means that you choose a policy and period of time for which you want to be insured. For a variety of reasons, people choose term insurance premiums for 5 years, 10 years, 20 years etc. Once that term is reached the benefits and policy ends.
There are some options to renew the policy and term in order to keep the premium amount. Navigating whether a term policy is right for you depends on your several factors like life expectancy, costs, your retirement plan.
Within term life, there are several policies that emerge. Level term life refers to your premiums and what your family receives. A level term means that throughout the term life of your policy, your premiums remain the same (in other words, they remain level). No changes, no raises, no decreases. The amount of benefit to your family remains the same as well.
For those that are more budget conscious, decreasing term life insurance is another option. In many cases, a decreasing term policy is budget-friendly because it does not have a cash value feature on it.
Cash value refers to your family’s ability to withdraw money from the life insurance policy while the policy holder is still living. Because this is a more cost-efficient option for life insurance, your family will not benefit from a cash value with decreasing term life insurance policies.
A decreasing term life insurance policy may benefit families who may still have debts to pay once the policy holder passes away. This type of coverage policy ensures that a liability like an unpaid mortgage does not burden the family.
To contrast term insurance, permanent life insurance has a different kind of coverage. This individual life insurance is not set for a specific term, but is open-ended until the passing of the policy holder.
For example, if a young person in their twenties chooses to open a permanent life insurance policy, it would be at a higher premium over choosing a decreasing term policy.
The policy holder can take out money (cash value) from the individual life insurance policy. So the premium is higher to balance that liability. The policy provides the benefit of access to cash in case of a personal or business emergency.
As always, we recommend speaking with an insurance agent at Cuellar & Associates, so we can explain each type of policy based on your personal and business needs.
No matter your age, a whole life insurance policy does not have a term life. It is for your whole life. It also offers a cash value for your own benefit. Premiums also remain level, as well as the death benefit. Your family is covered at any point in time despite term year.
A slight difference compared to the other types of policies that we have discussed is that life and health habits factor heavily into whole life insurance policy rates.
Universal life insurance policies allow for flexibility in your premiums throughout the course of your coverage. Perhaps you run a business. Some months you may be able to pay the minimum premium, while others you can afford to pay more. On those months your payments exceed the minimum premium, it will group into your cash value.
Likewise, if you find yourself unable to pay the minimum one month, your available cash value could function as paying into that premium.
A universal life insurance policy has more flexibility than just payments. The policy holder can increase the premium to increase the value of the death benefit based on the estimated financial needs of the beneficiaries (family).
When discussing your life insurance options with a Cuellar & Associates agent, it may seem that whole life insurance and variable life insurance are the same, but these policies have one major difference:
A variable policy has the same term as a whole life policy but with the option to invest your cash value. This gives you the opportunity to increase your cash value and thus your death benefit and coverage. Although variable life insurance can be a liability, you could also increase your cash value appropriately.
Death benefit coverage under a variable universal life insurance policy remains the same as you would find in universal coverage and variable coverage. In this combined option, your family’s coverage would depend on you and your contribution to the monthly premium. The only big takeaway from this type of coverage is this: flexibility and investment.
Universal life insurance allows you flexibility in paying the minimum premium, and variable means you can invest your cash value. A variable universal life insurance coverage, allows you the flexibility in monthly payments throughout your policy life, while giving you the option to invest your cash value. All the while your coverage remains the same.
In all these previous options for coverage, the extent of the coverage referred to individual policyholders. If you have a spouse, then survivorship coverage could be a better option.
In this type of coverage, two spouses enter a policy agreement. When both policyholders pass away, only then will the beneficiary get the death benefit.
An unfortunate truth about death is that funerals are expensive. Burial life insurance covers the cost of funeral arrangements, relieving the family of this financial responsibility. Typically, no medical exams are required
The beneficiaries to a burial life insurance policy can use the money to cover medical costs and funeral expenses. In this case, money is not left for the beneficiary to use at their discretion, but to be used specifically for burial related costs.
Our licensed insurance agents are ready to assist you in finding the right policy to meet your needs. Call us today at 210-558-0811 or request a custom quote below.
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