Life Insurance
Life Insurance
Protecting your family, your income, and the financial future you've worked hard to build starts with the right life insurance coverage. Whether you need affordable term life insurance, permanent coverage, mortgage protection, or a strategy to preserve wealth for future generations, Secured First Financial of Texas can help.
As an independent life insurance agency based in Waco, Texas, we work with multiple insurance companies to help individuals, families, and business owners throughout Texas compare coverage options tailored to their needs and financial goals.
We offer many different types of life insurance:
No matter the type you need, we've got you covered. You can use life insurance for many different things:
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Money to leave behind for your family's well being
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Money to use when you become ill with a qualifying terminal, chronic, or critical illness(1)
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Potential for supplemental retirement income using tax-free life insurance policy loans and withdrawals (2)
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College Funding for your child
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Funding a buy sell agreement for a business buyout
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Executive Bonus for key Employees
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Premium Financing - leveraging funds to buy large amounts of life insurance
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Mortgage Protection - paying off your home at death
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Final Expense Planning - paying for your funeral/burial​
Summary of life insurance coverages we offer below:
​​​Term Life Insurance
You can buy more term life insurance with less premium than any other coverage. This coverage is limited to a term of typically 10, 15, 20, 25, 30, and in some cases 40 years. The premium and the death benefit stay the same during the term period. Once the term period expires the premium will significantly increase because is will go off your current age. At this point the coverage can get unaffordable and most people typically drop the coverage and look for a new policy. To qualify for this coverage your application will be subject to underwriting by the insurance company you applied with. A medical exam, medical Information Bureau (MIB) check, and prescription check will be ordered by the insurance company. If everything checks out, the insurance company will approve your application.
Learn More: How Much Life Insurance Do I Need for My Family?
No Exam Life Insurance
This type coverage requires no exam. You can get no exam life insurance on any type of coverage. There will be limitations to the amount of coverage you can apply for. To qualify for this coverage your application will be subject to underwriting by the insurance company you applied with. A medical Information Bureau (MIB) check, and prescription check will be ordered by the insurance company. If everything checks out, the insurance company will approve your application.
Life Insurance with Living Benefits
This type of life insurance includes living benefits, typically at no additional cost, that may allow you to access a portion of your death benefit while you are alive if you are diagnosed with a qualifying terminal, chronic, or critical illness.
If you experience a qualifying illness, you can submit a claim to the insurance company. The company will review your medical records and evaluate your condition against the policy's requirements. If your claim is approved, the insurance company will determine the amount of the benefit available based on the policy provisions and the severity of your condition. The amount received will generally reduce the death benefit remaining for your beneficiaries. Minor illnesses or conditions that do not meet the policy's requirements typically will not qualify.
To obtain life insurance with living benefits, your application is subject to the insurance company's underwriting requirements. Depending on the policy and your individual circumstances, underwriting may include a medical exam, medical history review, Medical Information Bureau (MIB) information, and prescription history checks. Some policies may offer simplified underwriting without a medical exam.
Important Information About Living Benefits
Living benefit riders vary by insurance company, policy, and state. Eligibility and benefit amounts are subject to the rider's terms and qualifying medical conditions. Accelerated benefits may reduce the policy's cash value and remaining death benefit and may have tax consequences or affect eligibility for public assistance. Consult a qualified tax professional regarding potential tax consequences.
Indexed Universal Life
This type of life insurance is a form of permanent life insurance that can last until age 120. This coverage builds cash value by tracking a choice of market indices offered by the insurance company. If the index has a positive year you make interest (Interest may be limited by cap, participation rate, or spread designated by the insurance company. The insurance company has the right to adjust these rates on a yearly basis). If the index performs negatively, the indexed interest credit may be 0% for that crediting period. However, policy charges continue to apply and may reduce the policy's cash value. The policy cash value can be used to pay the policy premiums, withdraw to use how you please, take out a loan to use how you please, or even supplement your retirement with tax free loans. You can also surrender your policy and get a check for the cash value, if you don't want/need it anymore. To qualify for this coverage your application will be subject to underwriting by the insurance company you applied with. A medical exam, medical Information Bureau (MIB) check, and prescription check will be ordered by the insurance company. If everything checks out, the insurance company will approve your application.
Important Information About Indexed Universal Life
Indexed Universal Life insurance provides life insurance protection with the potential to accumulate cash value through index-linked interest crediting. Cash value growth is not guaranteed and is subject to policy charges, crediting limitations, and policy performance. Policy loans and withdrawals may reduce cash value and death benefits, may cause the policy to lapse, and may result in tax consequences. Tax-advantaged distributions depend on proper policy design and administration. Consult a qualified tax professional regarding your individual circumstances.
Universal Life
This type of life insurance is a form of permanent life insurance that can last until your age 100 or 120 depending on the providing insurance company. This policy builds cash value based upon an interest rate the insurance company provides. The interest rate can be adjusted by the insurance company on a yearly basis. The policy cash value can be used to pay the policy premiums, withdraw to use how you please, or take out a loan to use how you please in most cases. You can also surrender your policy and get a check for the cash value, if you don't want/need it anymore. To qualify for this coverage your application will be subject to underwriting by the insurance company you applied with. A medical exam, medical Information Bureau (MIB) check, and prescription check will be ordered by the insurance company. If everything checks out, the insurance company will approve your application.
Whole Life/Final Expense
This type of life insurance is called whole life because it lasts your whole life or till age 100 or age 120 depending on the insurance companies policy specs. The policy builds cash value based on a fixed interest rate that does not change for the life of the policy. The death benefit and premiums never change for the life of the policy. The policy cash value can be used to pay the policy premiums or take out a loan to use how you please.
Learn More: Term Life Versus Whole Life: Which Fits You?
Final Expense Burial Policy
This type of policy refers to a small whole life policy that is used to pay for burial expenses. These policies are easier to qualify for then traditional life insurance because the typically look at the last 2 years of health history. Guaranteed issue policies can be used for final expense for those not in good health. The policy builds cash value based on a fixed interest rate that does not change for the life of the policy. The death benefit and premiums never change for the life of the policy. The policy cash value can be used to pay the policy premiums or take out a loan to use how you please. You can also surrender your policy and get a check for the cash value, if you don't want/need it anymore. To qualified the insurance company does simplified underwriting with no exam, a medical information check, and prescription check.
Guaranteed Issue Whole Life
This type of policy is also a small whole life policy. Most insurance companies will offer coverage if you are between the age of 50 to 80. Some companies will go younger ages and some older. Even if you are in extremely bad health, coverage is guaranteed approval as long as you are alive. There is no health questions, underwriting, or exam required. The policy builds cash value based on a fixed interest rate that does not change for the life of the policy. The death benefit and premiums never change for the life of the policy. The policy cash value can be used to pay the policy premiums or take out a loan to use how you please. You can also surrender your policy and get a check for the cash value, if you don't want/need it anymore. To qualify, you must be alive and between ages 50 to 80 for most insurance companies.
Single Premium Life Insurance — Whole Life & IUL
Single premium life insurance allows you to fund permanent life insurance coverage with one lump-sum payment instead of making ongoing monthly or annual premium payments. It may be an attractive option for individuals who have money in savings, CDs, or other available funds and want to use a portion of those assets to provide a financial legacy for their beneficiaries.
Single Premium Whole Life Insurance
Single Premium Whole Life provides permanent coverage funded by one payment. Depending on the policy, it may offer guaranteed death benefits, guaranteed cash values, and the potential for dividends. Dividends, when available, are not guaranteed.
Single Premium Indexed Universal Life (IUL)
Single Premium IUL provides permanent life insurance coverage with the potential for cash value growth through index-linked interest crediting. Depending on the policy, it may offer death benefit guarantees and opportunities for additional growth. Index credits are subject to policy terms, and policy charges can affect cash value.
Learn More: Lump Sum IUL – Guaranteed Death Benefit to Age 120
Both options can help individuals explore ways to transfer wealth to loved ones through life insurance. Product availability, underwriting requirements, and guarantees vary by insurance company.
Important Information About Single Premium Life Insurance
Single premium life insurance policies are generally classified as Modified Endowment Contracts (MECs). Loans and withdrawals from MECs may be subject to income tax and, in certain circumstances, an additional 10% federal tax. Consult a qualified tax professional before accessing policy cash value.
Life Insurance Solutions for Business Owners
Life insurance can play an important role in protecting a business, its owners, employees, and long-term financial stability. Secured First Financial of Texas helps business owners explore life insurance solutions designed to address business continuation, ownership transitions, and the financial impact of losing a key individual.
Buy-Sell Agreement Funding
Life insurance can help provide the funds needed to purchase a deceased owner's business interest under a properly structured buy-sell agreement. This can help surviving owners maintain business continuity while providing financial resources to the deceased owner's beneficiaries.
Key Person Life Insurance
Key person life insurance helps protect a business against the financial impact of losing an owner, executive, or employee whose experience, relationships, or contributions are essential to the company's success. Benefits may help cover operating expenses, recruitment costs, or other financial obligations.
As independent life insurance brokers, we help business owners compare available coverage options and coordinate with their legal and tax professionals when appropriate.
Learn More: Life Insurance for Business Owners Made Clear
Find the Right Life Insurance Coverage for Your Needs
As an independent life insurance agency, Secured First Financial of Texas works with multiple insurance companies to help you compare coverage options based on your needs, budget, and financial goals.
Whether you're looking for term life insurance, whole life insurance, mortgage protection, or permanent coverage to help preserve wealth for future generations, our network of licensed independent agents is here to help.
Click the Get a Customized Quote button below to get started.