Life Insurance in Corpus Christi, TX

Only 3 out of 5 people in the U.S. have life insurance of any type.^[1]The stats are similar in Corpus Christi or anywhere in Texas. Of those who have life insurance, more than half of life insurance policies are group life insurance policies, the kind offered by employers, and the kind of life insurance that can go away if you change jobs. If you’re considering life insurance in Corpus Christi, this guide will help you understand your options.

Why Buy Life Insurance?

There are many reasons to buy life insurance ranging from providing for loved ones to covering a mortgage or other debt to estate planning strategies. For the nearly half million people in the Corpus Christi area, the answer is often a mix of reasons, with the most common being a combination of providing for loved ones and covering expenses left behind so that our families aren’t burdened.

Common Types of Life Insurance in Texas

Which type of life insurance you should have often depends on what you need that policy to do, but other factors such as age or budget can make a difference as well. Sometimes more than one policy is the answer, particularly if you have group term life insurance from your employer, which are life insurance policies you don’t control.

Term Life Insurance

• Individual Term Life Insurance: A term life insurance policy designed to provide coverage for a fixed amount of time, like 10, 20, or 30 years, and often has lower premiums because the coverage is temporary. Term life insurance policies also don’t build cash value. Straight term life can be referred to as pure protection.
• Return of Premium Term Life Insurance: A common concern regarding term life insurance is that if you don’t die during the term, the insurer keeps all your premiums. Return of premium term life insurance answers this concern by giving all your money back if you don’t die during the term of the policy. That’s two bits of good news.
• Group Term Life Insurance: Many people in Corpus Christi have this type of life insurance through an employer. The price is right as an employee — usually free or very low cost — but the proceeds of these policies are usually taxable to the beneficiary which reduces the benefit. Also, if you change jobs or your employer downsizes, the coverage may be gone. One advantage of group life is that you don’t have to go through any medical requirements.

Permanent Life Insurance comes in many variations

• Whole Life Insurance: A whole life insurance policy is one of the simplest and safest types of permanent life insurance. These policies are designed to provide coverage for your whole lifetime and build a cash value.
• Universal Life Insurance: With universal life insurance and its variants, your policy is part investment and part life insurance, which provides coverage with a chance of more growth in cash value. This policy invests in safer types of investments.
• Indexed Universal Life Insurance: Indexed life policies invest in stock market options that track an index, like the S&P 500. This type of life insurance provides a chance of greater growth in the cash value of the policy.These also contain limited downside!
• Variable Universal Life Insurance: Variable life policies invest directly in stocks or funds, which provides the biggest opportunity for growth of cash value but also brings some risk. Equities can go up or down in value. A variable life insurance policy isn’t shielded from these fluctuations.
• Final Expense Insurance: Often available with simplified underwriting and for people age 55 or older, a final expense policy does what it says on the tin: provides for final expenses, such as burial, funeral, and lingering medical bills.

Balsiger Insurance, An Independent Insurance Agency in Corpus Christi, Texas

Corpus Christi is a great place to live, to raise a family, or to build a business, and when you’ve done all that, knowing that your loved ones are provided for gives the peace of mind to retire and enjoy the Gulf’s treasures.

Even as many businesses move online, life insurance is still something most people prefer to buy in person. We’re an independent agency located in Corpus Christi. Being independent means we work with several insurers so we can offer more options and so we have an answer to nearly every coverage need. Whether you need life insurance in Corpus Christi, or auto and home insurance, or commercial insurance, just give us a call. We can help with these coverages and more.

^[1]http://www.limra.com/Posts/PR/News_Releases/2016_Insurance_Barometer_Study_Shows_an_Improving_Climate_for_Life_Insurance.aspx