Texas Term Life Insurance Policies
The individual life insurance market provides ample opportunity for individuals and families to obtain the right protection at the right price. With life insurance in hand, you know you are protecting the ones you love in the event that the unexpected happens.
Here at VGW Insurance, we counsel our clients on choosing the proper type of life insurance policy. In the end, while we offer whole life and universal life insurance policies, we find most of our clients are best suited for term life policies. Call our Plano, TX, office at 972-668-1000 to discover which policy best meets your needs.
Term Life Insurance, Defined
Term life policies offer the most affordable life insurance coverage in 5-year increments. You pay a premium during the years the plan covers you. Once the term is up, you can choose to renew or let the policy lapse. Most term life policies also offer the option to convert to a whole or universal policy, which never lapse as long as you continue to pay your premiums.
There is also a special term life policy called mortgage life insurance, which is specifically designed to help cover mortgage payments.
What Term Life Insurance Covers
In general, term life insurance aims at helping your family get back on its financial feet. It covers short-term expenses, including:
- Loss of your income
- Final expenses
- Smaller debts
How to Know How Much Coverage You Need
To understand how much life insurance you should buy, take a moment to consider your day-to-day activities and your family situation. For instance:
- Are you employed?
- Do you own a home?
- Do you have children?
- Do you have any large debts (car, business, etc.)?
Once you’ve considered the financial impact you make on your family, you then need to consider how long you want your policy to last. For instance, many parents tend to carry life insurance through their children’s college years.
Learn More by Contacting Our Texas Insurance Agency
Different insurance providers offer the same terms, but at different rates and with different exclusions and optional coverage. Let us reach out to several companies on your behalf to get free quotes. We can then help you compare the quotes so you can choose your preferred coverage at a rate you can afford.To learn more, contact our Dallas-Fort Worth area agency online or call us at 972-668-1000.