Life Insurance in Texas
Texas life insurance works similarly to life insurance in other states, in that it pays a benefit to named beneficiaries upon the death of a covered individual. It protects individuals, such as children and spouses, who may depend on an insured individual financially for day-to-day and long term needs. Texas state law says that anyone may purchase a life insurance policy for you, so long as you give consent to be insured.
Life insurance comes in two forms: Term and whole life. Term life insurance only pays a death benefit for a specified length of time - usually between 15 and 30 years. Rates for term life insurance are typically low and usually yield a significant death benefit. However, at the end of the policy's term, you must acquire new life insurance, which is usally higher than the previous term life policy due to age and the possible development of major health conditions.
Whole life insurance, on the other hand, never expires. If you purchase a whole life insurance policy and continue to pay your premiums on time, you will never lose your death benefit, and your policy may also build cash value over time. In fact, after many years of paying premiums, you may be able to borrow against your whole life insurance policy at a relatively low interest rate or otherwise close the policy and recover its cash value.
It is very important that when purchasing life insurance in Texas, you purchase it from an independent insurance agency, such as The Select Insurance Agency that serves customers in the Coppell, Flower Mound, Lewisville, Grapevine and Irving areas. An independent agency can answer questions about your specific life insurance needs, as well as help you analyze the amount of coverage that is right for your family. The Select Insurance Agency even offers live life insurance quotes online to help you compare premiums and determine the policy that is right for you. Life insurance is a very personal topic. You need a reliable, trustworthy agency with your best interests in mind.
