Life insurance can protect those who rely on your income. If you have a life insurance policy in Texas, then the policy will make payments after your death to the beneficiary named on the policy. Beneficiaries can use the money to pay living expenses and bills, pay for college, or pay off debts. There are some types of policies that will also allow you to build savings that you can use while you are living. You can buy life insurance through an agent at Wester Insurance.
Do You Need Life Insurance?
Not everyone will need life insurance, but it can be a good idea if you have people that rely on you financially. There isn’t an exact formula to determine how much life insurance you need. To decide on the right amount, you should consider your debts and the income your family needs with other expenses should you pass away.
Types of Life Insurance
There are two main types of life insurance you can get in Texas. Choose from permanent or term life insurance. Term life insurance can offer you coverage for a set period. The term can be anywhere from one year to thirty years or even longer. These policies will pay a lump sum to beneficiaries if you die within the set term. Premiums will stay the same through the entire term unless you renew at the end. There are two standard features of these policies: renewability and convertibility. Renewability will let you extend the policy for additional terms regardless of your current health. Convertibility will let you exchange your policy for a permanent one without needing to take a medical exam.
Permanent life insurance policies will let you build savings over time. You can invest, borrow, or withdraw from the savings under specific terms. There are different types of permanent insurance. Whole life insurance will stay in effect throughout your entire life. Universal life insurance will remain in effect until the maturity date, which can be age 95 to 100. A universal policy is also more flexible than whole life insurance.
Contact Wester Insurance to get a quote on life insurance.