Personal insurance includes getting coverage of your own as well as for the lives of your family members. Getting personal insurance becomes even more important if you are the only bread winner in your family. Your first priority should be financial protection for your dependents.
Mainly for protection, term personal insurance or life insurance comprises two types. One type is "level term," which means the policy has the same death benefit with increasing premiums from its initiation to maturity. The other type, "decreasing term", has a fixed premium and the death benefit slowly declines, usually after completion of the first policy year.
Types of Personal Insurance Policies
Our personal and life insurance policies provide coverage in the following areas:
- Whole Life: This is the most common life insurance policy. In this, the client has to pay a fixed amount of premium at regular intervals for a particular death benefit and an accrued savings account.
- Universal Life: This is a more flexible coverage option than the Whole Life Policy. You have a freedom to add to your benefits if you pass certain medical examinations. Also, this policy is very beneficial if a person's economic situation has changed drastically.
- Term Life: This type can benefit those people who require a policy for shorter term protection to ensure financial security for their dependents during the risk period.
- Individual Health: This plan is mainly targeted towards providing insurance benefits to unemployed or self-employed people.
- Group Health:This policy generally involves insurance coverage through an employer for its employees. Generally, the employer needs to paypart of the insurance premium.
- Disability: This policy aims to provide coverage to people in case of a disability coming their way while earning a living.
- Long Term Care: This policy is designed for people who in the future may suffer from a chronic illness or disability that cannot be cured and require special care.
- Annuities: This requires paying a certain amount of premium at regular intervals and generally after retirement, the company will pay back recurrent payments for certain number of years or for the rest of the insured life.
- Modified Endowment Contract (MEC): This is a tax-qualified life insurance policy with premiums that surpass federal tax law limits. After a life insurance policy becomes a changed endowment arrangement, the taxation structure and IRS policy classification alter.
If you have any question about personal insurance policies from Smith-Reagan Insurance Agency, you can contact us at (956) 399-1353.
Our Location:148 North Sam Houston Boulevard,
San Benito, Texas 78586.
**Informational statements regarding insurance coverage on this webiste are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent at Smith-Reagan Insurance Agency for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.
This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.
This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.