Types of Life Insurance to Consider
Life insurance isn’t designed for the policyholder, it’s meant to protect the ones left behind. Most people need some life insurance, but how much you need and what type of policy depends on your situation. It’s important to review this type of coverage at each stage in your life, such as when you buy a home, get married, and when each of your children is born.
There are two common types of life insurance to choose from: individual term life and individual whole life. Term life policies cover a number of years, usually 10 to 20. During the term of the policy, regular installments are paid, but the full value of the policy is paid out at any time if the policyholder dies (with certain exclusions your insurance agent can explain to you).
Whole life policies are paid off in a certain amount of time, but the policy remains in force until the policyholder dies or cashes in the policy. Whole life insurance policies are worth something even if the death benefit isn’t paid out.
At BIG of Texas, we make it our job to ensure your life insurance options are clearly explained to you. We will save you the hassle of shopping multiple carriers to find a policy that meets your needs – both from a coverage aspect and a cost aspect. In fact, we aim to be your one stop shop for insurance, meaning we’ll do the same for your home and auto insurance needs as well as your business insurance needs, if you own your own business.
The amount of insurance you need depends on what financial losses your family would incur if you were suddenly gone. The amount of the payout should cover your burial expenses, but it also needs to leave enough money for your spouse and children to continue enjoying the lifestyle they’re accustomed to if you were no longer working to support them.
A BIG of Texas agent will take into account all of your unique circumstances and can evaluate your situation and find the policy you need to protect your loved ones. Pick up the phone and dial 877-702-5997 or fill out the form for a free quote. We’re happy to help!