Life Insurance in Texas

Should You Get Life Insurance in Texas?

Not everyone will need life insurance. However, life insurance can be a good idea if there is someone who relies on you financially. In order for you to decide the amount of life insurance you need, you should consider your debts, the income you need to replace, and whether or not there will be other expenses. An agent at Jason Ridley Agency in Colleyville, TX can help you determine how much life insurance is right for your needs.

Different Types of Life Insurance in Texas

When shopping for life insurance in Texas, you will come across many different options.

Term life insurance gives you insurance for a set number of years. You can get insurance anywhere from five to 30 years. If you die during your policy’s term, then there is a benefit paid to your beneficiaries. This type of insurance makes sense if you only need insurance for a short period, such as when you are raising your family. The premium will stay the same throughout the term and only goes up if you renew at the end of the term.

Permanent life insurance will allow you to build savings over time. You are allowed to invest, borrow, or withdraw against the savings and also use the money to pay premiums. This happens since a portion of the premiums is put into a separate account as cash value. The cash value grows at a variable or fixed interest rate. While it does take a policy many years to build cash value, it can be a useful tool for you. The premiums for permanent life insurance can be higher than term life insurance because of the savings for the future. However, the policy is in effect for your entire life unless you don’t pay the premiums or cancel. There are different types of permanent life insurance, such as universal or whole life insurance.

Contact Jason Ridley Agency in Colleyville, TX to get a quote on life insurance.