Life Insurance in Plano, TX
Life insurance can help provide financial security for you or your loved ones by replacing lost income and covering various expenses after your death or when the policy’s term is up. If you’re looking for life insurance, we’re here to help. Our agency is ready to discuss your life insurance needs and help find a policy that’s right for you.
What Is Life Insurance?
Life insurance is a contractual agreement between you (the policyholder) and the insurance company. In exchange for paying the insurer a regular premium, your beneficiaries will receive a lump-sum death benefit when you pass away or after a specific amount of time has passed.
What Are the Types of Life Insurance?
There are two primary types of life insurance, including:
- Term life insurance—A term life policy provides a death benefit to your loved ones if you die during the policy’s term. This term might be a period of 10, 20, 30 or more years, depending on the expiration date of the policy. If you do not die during this time, the policy does not pay and will expire when the term ends. You will also have to reapply for a new policy if you want to continue to have coverage.
- Whole life insurance—A whole life policy will last for the remainder of your life once you enroll. It will not expire unless you stop paying for it. Additionally, such a policy offers cash value investment opportunities. This cash value component can enable you to receive a source of income during your lifetime (in addition to the eventual death benefit).
Several other types of life insurance also exist. Speak to one of our agents to determine which type of coverage suits your particular needs.
Why Life Insurance Matters?
Life insurance is an essential part of your financial planning and may provide the following:
- Financial security—Life insurance provides a financial safety net for your loved ones, ensuring they can maintain their quality of life, pay off debts, and cover expenses when you’re no longer there to support them.
- Debt protection—Your life insurance policy can help settle outstanding debts, including mortgage payments and medical bills, relieving your family of these financial obligations.
- Education funding—Life insurance can fund your children’s education, ensuring their dreams and aspirations are not compromised due to financial constraints.
- Estate planning—It can play a crucial role in estate planning, helping preserve your assets for the next generation and minimizing estate taxes.
Life Insurance Solutions
At Let’s Shop It Insurance Services, we offer a wide range of life insurance products to suit your needs and budget. Our experienced agents will work closely with you to assess your financial situation and understand your goals to recommend the right coverage.
We provide various term life insurance and permanent life insurance options.
How to Get Life Insurance
If you’re in need of a life insurance policy, we’re here to help. Give LSI Insurance Services, LLC a call or request a quote online to get started.