Life Insurance in Texas
Also providing insurance to residents in Colorado, Kansas, New Mexico, and Oklahoma
What is life insurance?
Life insurance generally provides financial assistance when a policyholder passes away. It’s an insurance that no one wants to collect on, but one that family members appreciate if it’s needed.
Who in Texas should carry life insurance?
Texas residents who have people financially reliant upon them should consider life insurance. Coverage can help provide for spouses, parents, children, caregivers, business partners and others.
Should stay-at-home parents carry a life policy?
Even if they don’t bring in an income, stay-at-home parents can have substantial economic value to their family. The cost of replacing their childcare, house management and other efforts can be thousands or tens of thousands annually.
For this reason, it’s often recommended that stay-at-home parents get a life policy. An insurance agent who specializes in life policies can help these parents determine how much coverage they should purchase.
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What is term life insurance?
Term life insurance is the more basic form of life policy, but that shouldn’t be misconstrued as lesser. Term life policies are common and have important features.
Term policies generally provide coverage for a defined term, during which time they’ll pay death benefits if the policyholder passes away in a covered claim. Coverage expires at the end of the defined term (unless the policies are converted to whole life insurance policies).
Because term policies only provide coverage for a defined timeframe, their premiums are stable and affordable. These policies tend to have the lowest premiums available.
This type of policy might make sense if you only need coverage for a certain amount of time. You might purchase a policy that lasts until your children graduate college, or until you and your spouse have sufficient retirement savings. A knowledgeable insurance agent can help you determine whether this indeed is the right life coverage for you.
What is whole life insurance?
Whole life insurance combines death benefits with long-term savings. A portion of premiums is invested into the savings portion of the policy, and this generally grows over years and decadence. The premiums also increase with time, but returns from the savings may cover the full premium later in life.
Whole life policies, of course, are so-named because they’re intended to provide coverage for your entire life. You may choose to maintain lifelong coverage if you want the savings feature, or if you have someone that must be provided for when you’re no longer able to (e.g. a child with disabilities).
Are women able to purchase life coverage when they’re pregnant?
Insurance companies regularly underwrite life policies for pregnant mothers. Many women first consider life coverage when they have a child, after all.
When the pregnancy is routine and complication-free, there’s usually little issue finding term and whole life insurance policy options. Policies are still available when complications, such as high cholesterol or diabetes, are at play. Finding coverage in these situations might require more assistance from an experienced Texas insurance agent, though.
How much coverage should people purchase when getting a life policy?
There’s no one formula that perfectly determines how much life coverage each person should purchase. Calculating coverage needs requires taking into account income financial obligations, investment expectations, life situation, and numerous other factors.
An insurance agent or financial advisor can provide guidance as to how much coverage might make sense in a particular situation.
How can Texas residents get life insurance?
If you need assistance finding the right life insurance policy, contact the independent insurance agents at Kirk Insurance. Our Texas agents can help you compare policy options from many different companies, and we have the expertise to help you determine which policy best meets your life coverage needs.
