What types of life insurance are available?

In Texas, there are two primary types of life insurance: term life insurance and whole life insurance. Term life insurance provides coverage for a set period of time, for example 10 or 20 years. During this time period, if the policyholder dies, the insurer will pay out a death benefit to the named beneficiaries. However, if the policyholder survives the term, they will not receive any benefits. Whole life insurance is a permanent type of life insurance, meaning it covers you for your entire life. This type of policy accumulates a cash value as you pay the premiums. This cash value can also be borrowed against or used to pay premiums in later life. Whole life insurance also pays out a death benefit if the policyholder passes away within the policy term. In addition to these two types of life insurance, there are also other options such as universal life, variable life, and indexed universal life insurance. Universal life insurance is a flexible type of life insurance with premiums and death benefits that remain fixed over the life of the policy. Variable life insurance allows the policyholder to invest the money they pay in premiums into certain investment options. Lastly, indexed universal life insurance is a permanent life policy that allows you to invest the premiums into certain index products. In Texas, there are a variety of life insurance options available, so it is important to research and choose the one that works best for your needs.

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What types of life insurance are available?

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