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Texas Life Insurance Coverage

Most Texas residents are required to buy certain types of insurance like auto, homeowners, renters or health insurance, but life insurance is optional. The sad truth is that too many people are putting the financial well-being of their loved ones in jeopardy by not having a policy in place.

Anyone who has a dependent should have either a whole or term life policy. For minors, you want a small policy that will be enough to cover their final expenses. College students and grads need a policy that will cover their non-forgivable student loans and debts, and a single individual without dependents should have a policy that will cover their final expenses. Parents with children benefit greatly by having a policy in place since it allows them to know that if they're not around in the future, the other parent or caregiver won't be burdened financially.

Term life insurance is good for a set number of years; usually 10, 15, 20 or 30. It offers a payout if the policy holder passes on, and if you want to renew at the end of the term, you have that option. If, at the end of the term, you're still alive and don't renew, you don't get a refund of your money.

Whole life policies never expire and, as long as you continue to pay your premiums, your policy is valid for life. Some whole life policies offer a savings vehicle which builds up cash value that you can borrow from at any time and that money will be returned to you if you cancel your policy.

To learn more about life insurance, for assistance in deciding which type is best for you or how large of a policy you should buy, or to get quotes on a policy, contact us at Woodby Insurance Agency today. As a local independent agent serving the entire state of Texas, we are easily accessible and give you the help you need.

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