Looking For Life Insurance in the Woodlands & Surrounding Areas?
Life insurance is not only the cornerstone of a solid financial plan, but it’s hands down one of the most cost-effective ways to protect the people who depend on you financially.
What would happen to your family if you were to die prematurely? Would they be able to maintain their current lifestyle?
Would your kids be able to go to college? Your spouse be able to shoulder the load with one income?
If you have a child, are married, or are carrying any kind of debt, purchasing life insurance is a no-brainer.
If all three, well, hopefully, you already have life insurance. Here are a few other reasons to have life insurance though:
- Charitable donations
- Pay federal death and estate taxes
- Create an inheritance for your heirs
- Pay final expenses
We Make Buying Life Insurance Easy
At Momentum Insurance and Financial Services, we simplify the process of buying life insurance.
We have access to a wide range of life insurance companies so we can survey the marketplace and based on your individual rating criteria, find the best possible life insurance policy at the best price.
When purchasing life insurance there are a few things to consider. Do you want Term Life Insurance or Whole Life?
If you don’t understand the difference that’s okay. That’s what we’re here for.
Life insurance is based on two main variables — your age, and your health.
How Much Life Insurance Do I Need?
A mistake that we often see people make is basing their life insurance coverage on a guess, or just grabbing a number out of thin air without realizing what the impact of inflation could have on their life insurance proceeds.
Working with an independent agent like us for life insurance in the woodlands has several benefits.
We can sit down and, through a comprehensive needs analysis, determine the exact amount of coverage you will need to protect the people who depend on you.
One of the benefits of working with an independent agent like us is that we can sit down, and through a comprehensive needs analysis, determine the exact amount of coverage you will need to protect the people who depend on you.
The amount of coverage you need depends on a number of different variables.
Here are a few examples:
- How many children do you have
- Your future earnings potential
- Whether or not you’re married
- Spouses’ future earnings potential
- You and your spouses’ age
- Amount of debt you have
Life Insurance for Life Changes
The right life insurance is unique. It depends on the financial and personal needs of every individual client. As your life changes, so should your life insurance in the woodlands policy.
You may have to change the coverage to adapt to your current requirements. And that’s precisely what we do at Momentum Insurance.
Below are some life changes that may need a policy tune-up.
- You recently got married or divorced
- You have a new child or a grandchild
- You are planning for the education of your child or your grandchild
- You are planning for your retirement income
- Your child/grandchild requires assistance or long-term care
- You are opening a new business or expanding your current one
- Your health or your spouse’s health needs attention
- You or your spouse recently got a share in the inheritance
- You are providing care or financial assistance to an ailing parent
- You recently got a new home
- You have refinanced your home mortgage
- The size of your estate has grown in the past few months
Types of Life Insurance Products We Offer
Momentum Insurance and Financial Services can help you find the best life insurance in the Woodlands. While we offer several customized products, below are the most common ones:
Term Life Insurance
If you currently have no life insurance, term life insurance can be a good start. It offers protection for a specific period. The choice of coverage length of the policy is generally 5,10,15,25, or 30 years.
It’s less expensive than Whole Life Insurance and offers fixed premiums from 1 to 20 years period. Moreover, term life insurance is sometimes convertible into permanent coverage, offering you greater flexibility as your needs change.
Who is it ideal for: Term Life insurance is ideal for people who want life insurance for a particular situation or debt. For instance, some people buy term life insurance to cover the years of a mortgage.
Whole Life Insurance
Whole Life Insurance is a type of permanent life insurance. It provides coverage for your entire life. Your account builds cash value over time by utilizing a part of your premium payment and adding the interest.
Furthermore, whole life insurance is the most conservative permanent life insurance. It has built-in guarantees that restrict the premium, keep the death benefits the same, and earn a fixed rate of return on the cash value.
Who is it ideal for: Whole life insurance suits people who want lifetime coverage and are willing to pay for the guarantees their policy offers. For example, a 26-year-old takes a whole life insurance plan. He will receive a lump sum amount at the age of 46 when his 20-year premium payment term expires. He can use this amount for retirement, and his coverage will continue till he turns 100 or dies.
Universal Life Insurance
Like Whole Life, Universal Life Insurance is also a form of permanent life insurance. It provides you the potential of lifelong coverage, with flexibility in the period and amount of premiums. You can also adjust the death benefits if you want.
That means paying more premium can build you more cash value.
Universal life insurance has several different varieties that offer different features and benefits. Generally, UL insurance can be cheaper than whole life insurance because it doesn’t provide the same guarantees.
Who is it ideal for: Universal Life insurance is ideal for people with long-term insurance needs who want choice and build good asset value while paying minimal taxes.
