Category: Life Insurance

Life insurance is an essential part of financial planning that offers a degree of assurance to your loved ones should you pass away. Here at Delgado Insurance Agency, LLC located in San Antonio, TX, we understand that choosing a suitable life insurance policy can be daunting given the variety of options available. Let’s break down the differences to find which one might be right for you.

Term Life Insurance

Term life insurance presents a straightforward approach to life insurance. In a nut shell, you select a time frame (the term) and the death benefit coverage. If you pass away within that term, the insurer pays out the agreed upon death benefit to your beneficiaries. This is typically the most affordable life insurance option.

Whole Life Insurance

As the name suggests, whole life insurance lasts your whole life, provided you continue to pay premiums. It has a savings component known as “cash value” that grows over time. The insurance payout amount is guaranteed, making it a more expensive option compared to term insurance.

Universal Life Insurance

Universal life is a flexible type of permanent insurance offering the low-cost protection of term life with a savings element that is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered to change as your needs evolve.

Choosing the Right Policy for You

When it comes to choosing a policy, it all boils down to your personal circumstances, needs and financial goals. Are you looking for lower cost, short-term coverage? Term life might be for you. If you want a policy that lasts your lifetime and has a cash value aspect, whole life might be a better fit.

At Delgado Insurance Agency, LLC in San Antonio, TX, we’re here to guide you every step of the way. Let us assist you in selecting the right life insurance coverage that best suits your individual needs.