Five Things to Know About Term Life Insurance

Term life insurance can provide for your family financially if you pass away unexpectedly. At The Select Insurance Agency in Coppell, TX, we offer term life insurance to give you and your family peace of mind. 

1. Term Life Insurance Lasts for 10 to 30 Years

A term life insurance policy lasts for a set period or term. Most policies last 20 years, but you can choose any 10 to 30 years term. If you pass away during this term, the policy will pay your family the death benefit. 

2. Death Benefit is Consistent Across the Term 

Term life insurance gives you a guaranteed death benefit. This benefit begins when the policy is active and remains the same as long as you have the policy. 

This makes selecting the right amount of coverage easy based on your family’s income and needs. 

3. Your Premiums Stay the Same 

Most term policies have a level premium. This means that your premium will stay the same. You don’t have to worry about your premiums rising as the years go by. 

4. There’s No Cash Value

A term policy doesn’t include a cash value component like whole-life policies do. However, term policies do have lower premiums than whole-life policies. 

5. After the Term, Your Policy Ends

If you outlive your policy, your life insurance ends at the end of the term. You may choose to renew the policy or choose a different life insurance policy if you still need life insurance.

However, premiums usually go up as you age, so you’ll likely pay more for the same amount of coverage. 

Term Life Insurance at The Select Insurance Agency

If you need life insurance in Coppell, TX, contact us at The Select Insurance Agency. We offer term and whole-life policies so that you can select the best policy for you and your family. 

How Does Umbrella Insurance Work?

Having plenty of liability insurance is an important part of your financial protection. Without it, you could pay massive amounts you’re liable for. One way to get more liability coverage is to get umbrella insurance. This is a great way to add to some insurance policies that you already have so that you’re covered better. Call us at The Select Insurance Agency in Coppell, TX if you’re considering getting an umbrella insurance policy.

Boosting Other Insurance Policies

Many people have both home insurance and auto insurance. Both of these insurance types are extremely important. However, they might not cover you as well as you could. These policies often lack liability coverage, especially considering medical bills soaring. If you have both these policies, you can add liability to both at once by getting an umbrella policy. This adds an extra amount of liability coverage to both of those coverages. This makes you much better able to pay for a severe accident with many injuries. 

Paying Overages

When you have home, auto, and umbrella insurance, you’re well protected against expensive accidents. If someone falls in your home or gets injured in a car wreck that you’re responsible for, your home or auto policy will pay for the medical bills and other expenses that become due. However, those policies can only pay as much as their maximum coverage. When your accident is expensive, and the bills go above that amount, you’re left with an overage to pay. That’s why you need umbrella insurance. It pays for those overages to keep you financially protected. 

Get Your Umbrella Insurance

If you could benefit from an umbrella policy, call us at The Select Insurance Agency in Coppell, TX.