Permanent Life Insurance

Insurance Over Texas Offers Permanent Life Insurance in the Houston, Texas Area

Find information about permanent life insurance

It offers life-long coverage as long as you continue paying your premium. The premium rate is based on your age at the point of purchase, and usually remains level. There is no increase as you age. For that reason, the younger you are when you purchase the policy, the lower the premium you will pay for the life insurance policy.

Because premiums stay level, permanent insurance is more costly than term insurance. But permanent insurance gathers cash value, which may be refundable upon submission of the policy. While the policy is effective, cash values can be borrowed against or used to pay on the premium.

The proceeds of various permanent life insurance policies can be inured to ease the financial burden of tragic illness, fatal illness or long-term care. These accelerated benefits perhaps may be obtainable as part of the basic policy or as a rider to a current policy.

With a permanent life insurance policy, you may borrow equal to the cash value at a certain interest rate (fixed or adjustable) declared in the policy. Any outstanding interest is added to the loan. Any unpaid loan, including interest, will be subtracted from the death benefit. The cash value can be used for premium payment for a stated period of time, keeping the stated death benefit, or it can be used to buy paid-up insurance in a lesser amount with no more premium owed.

Permanent Life Insurance:
The 4 Different Insurance Types

• Texas Whole Life Insurance

  Occasionally also called life or ordinary life, this policy has a predetermined guaranteed rate and builds up guaranteed cash values. There are two variations on traditional whole life:

  • Texas Joint Whole Life:

    The policy insures 2 lives rather than 1. Also known as first-to-die coverage, the policy pays the death benefit to the existing insured person when the first one dies. This is frequently obtained by a husband and wife.

  • Texas Survivorship Life:

    The policy insures 2 people and pays a death benefit only when the second individual has passed. It is intended for married couples who want to provide resources to pay estate taxes that might be due following their deaths. Also referred to as second-to-die coverage.

• Texas Universal Life Insurance

  This policy has additional flexibility. Within specific limits, you can adjust the death benefit, the amount of premium and payment regularity. Unlike whole life, this is an interest motivated policy, which typically pays a minimum guaranteed interest of 4% to 4.5%. If the interest rates are constantly low, added premiums may have to be paid to prevent a lapse of coverage.

• Texas Variable Life Insurance

  This policy has death benefits and cash values that differ with the performance of an underlying portfolio of investments that you choose. The death benefit and cash value are not definite. They can decrease as well as increase, although there might be a definite minimum death benefit.

• Texas Variable Universal Insurance.

  This policy unites the premium and death benefit flexibility of universal life with the investment flexibility and gamble of variable life.

  On all the policies above, riders are available at an added cost for the following coverage's:

  Disability waiver of premium

  A attribute added to some life insurance policies providing for the waiver of premium, and on occasion payment of monthly income if the insure becomes completely and permanently disabled.

  Accidental death

  Is a rider added to a life insurance policy that provides payment of an additional benefit if death is caused by an accident. This is occasionally called double indemnity.

Get Permanent life insurance and other Permanent life insurance quotes at Insurance Over Texas. We are a complete online source for free life insurance quotes. Our insurance experts offer Texas permanent life insurance in Houston, Texas.