Life Insurance in Texas

This insurance is extremely important for anyone who has dependents that rely on them for financial support. When a home’s financial provider passes away unexpectedly there is a major monetary loss that will occur immediately, including final expenses and any outstanding debt. The largest financial loss though is the future loss of income, which is often overlooked. One of the best ways to protect your loved ones is by purchasing a life insurance policy. For those in the Dallas/Fort Worth, TX area, there are several factors that need to be considered to ensure they pick the right type policy and the correct amount of coverage.

Type of Policy

When looking for a life insurance policy, one of the first decisions that needs to be made is to pick the right type of life insurance. When searching for insurance, the main two options are term life insurance and whole life insurance. With a term life policy, you will receive a certain level of coverage for a certain period of time. When the period of the term expires, your policy will have no value. However, the monthly payments tend to be very low.

With a whole life policy, your monthly payments will be much higher, but it develops a cash value over time. The policy can then be liquidated and cashed out after a certain point in time.

Amount of Coverage

When determining your life insurance needs, it is also very important to determine how much coverage you need. The amount of coverage needed varies considerably from one person to the next. To determine how much coverage you need, you need to factor in your living costs, amount of debt that needs to be repaid, future education costs, and any other expenses that need to be covered by the policy.

For those that are in the DFW area, Thompson Insurance Services offers various life insurance options for those looking to secure their loved ones futures. Our agents are well experienced in providing life insurance solutions for people all over Texas, and can help you to better understand your life insurance needs. Reach out to us for a quote and learn how to get started on a policy.