Life insurance can be a complex, but vitally important part of planning the future of your loved ones. Providing for your family in the event you meet your untimely demise is of extreme importance — especially if you are the sole wage earner of the family.
Leaving your spouse, children and other dependents with enough money to live on will give them a great amount of comfort through such a stressful situation. We offer you a full range of life insurance choices including term life insurance, whole life insurance and universal life insurance.
At Bosworth & Associates we are committed to fulfilling your needs for life insurance. Generations of East Texans have been trusting us life insurance policies that have proven to be invaluable.
Searching for affordable life insurance can seem overwhelming at first, as there are many companies to consider. Here at Bosworth & Associates, we have excellent rates and superior customer service, which we believe provides you immeasurable long-term value. Life insurance should be an integral part of your budget as it ensures your loved ones that they will get the financial support they need in the unfortunate event you pass away and can no longer support them. Even if you have life insurance through your job, this meager amount is simply not enough. Consider enhancing that amount with life insurance through Bosworth & Associates.
It’s unwise to leave your family without sufficient means to support themselves after you’re gone. Now is the time to invest in their future, while you still can. No one knows what the future will bring, but you CAN take steps to prepare for it. Let’s go into more detail on our three main types of life insurance.
Term life insurance is a basic life insurance policy that offers simple death benefit protection without any cash value component. It is known for being the most affordable type of life insurance, making it particularly attractive to younger individuals who are in good health.
With term life insurance, you purchase coverage for a specific period, such as 10, 15, 20, 25, or 30 years, and in some cases even longer. The premium amount remains the same throughout the chosen term, and once the term is up, you can renew the policy. However, re-qualification is necessary as your age and health status may have changed.
Key Points for Term Life Insurance:
Whole life insurance is a type of permanent life insurance coverage that offers stability and long-term financial protection. With whole life insurance, you lock in a premium amount that remains unchanged throughout the policy’s duration. This makes it an excellent option for individuals who want to adhere to a budget.
One of the benefits of purchasing this type of policy at a young age is that you will pay the same premium amounts over the years, regardless of advancing age or changes in health status. Additionally, whole life insurance includes a cash value component that grows over time on a tax-deferred basis. While the cash value initially grows slowly, it starts to accumulate more rapidly, providing a minimum guaranteed rate of return.
Key Points for Whole Life Insurance:
Universal life insurance is a form of permanent coverage that combines a death benefit with a cash value component. What sets universal life insurance apart from whole life insurance is its flexibility. As the policyholder, you have the freedom to choose how much of your premium goes towards the death benefit and how much goes into the cash value.
The cash value can be accessed and utilized as needed, whether it’s for dealing with financial difficulties, funding a vacation, or preparing for retirement.
This feature provides individuals with greater control over their policy and the ability to adapt to changing financial circumstances throughout their lives.
Key Points for Universal Life Insurance:
Bosworth & Associates is your one-stop-shop for all your insurance coverage needs, including life insurance. Request a quote on life insurance today or call us at 903-561-2621.