Life Insurance for Texas
Life insurance can be one of the most important insurance products you choose, as it protects your family and loved ones in the case of your death. This coverage gives you the peace of mind that comes from knowing that your family’s financial needs will be taken care of in case you are no longer available to provide for them.
Texan Insurance understands that life insurance deals with some unpleasant scenarios, but we believe it’s vital to plan for the unthinkable and ensure that your loved ones are cared for.
What is Life Insurance?
Life insurance pays out a fixed amount of cash benefits to a designated beneficiary in the event of the death of the insured.
Life insurance policies usually fall into two categories: term or whole life.
What is Term Life Insurance?
Term Insurance provides a specific death benefit amount over a specified term that you select. Term periods typically range from 5 to 30 years. If you qualify, you can obtain term life insurance in almost any amount, but payouts typical ranges go from $25,000 up to $5 million.
Due to their defined term and payout, term life policies are often the most cost-effective life insurance policies available.
For example, a family that just purchased a home could get $250,000 of term life insurance on the main breadwinner, in order to pay off the house if he/she were to pass away.
You could also convert a term life policy into a permanent /whole life policy, the other main category of life insurance.
What is Permanent Insurance?
Permanent life insurance combines death benefits with investment features and has no specified term or end date. Permanent policies allow you to build cash value that grows tax-free.
The investment component and the fact that it never expires also mean that permanent life policies cost more than term life policies.
There are several types of permanent life policies:
- Whole Life – In these policies, the benefits and cash values are guaranteed, as are the premiums.
- Universal Life – These policies offer the same fixed investment performance as whole life policies but have more flexibility in areas like premium payment schedules and the duration of death benefits.
- Variable Universal Life – You can invest the cash portion in stocks, bonds, or other market vehicles which can both increase or decrease your death benefit depending on the return of the investments.
Some other benefits of permanent life insurance include:
- Tax-Deferred Growth – Your investment will grow tax-free, as benefits are not taxed until a payout is made. In this way, a permanent life insurance policy is very similar to an IRA or 401(k) plan.
- Fixed Return – Permanent life insurance can provide a fixed return, which is defined when the policy is purchased. This may be valuable to those who are more risk-averse or would like to diversify their overall investment strategy.
- Ability to Borrow – Many permanent life policies offer the option to borrow against the cash value of the policy, providing access to the funds.
Does My Health Impact My Ability To Obtain Life Insurance?
Yes. Many Houston life insurance providers require a physical examination to ensure you are in good health. But many companies specialize in working with individuals with certain ailments and can still provide a policy with some additional stipulations.
Generally, non-smokers with good health records will pay less, while a history of certain ailments such as heart disease, diabetes, high blood pressure, or lifestyle choices like smoking increase the premium amount.
Some diseases may also prevent you from securing life insurance altogether, although we can usually work through most of these issues.
There are also life insurance policies that are available without health examinations, which may be an option for those who may be concerned about their risk profile.
Does My Age Impact the Cost of Life Insurance?
Yes. In most cases, monthly premiums are lower the earlier life insurance is purchased. That said, there are a wide variety of policies and products available in today’s market, and we have been successful at finding the right policy for people across a wide range of ages.
Do I Need Life Insurance?
We recommend some form of life insurance protection to everyone, even for those who do not have clearly identified beneficiaries like a spouse or children. The following examples outline a few scenarios where life insurance is beneficial:
- People who Own a Home– Protecting your largest investment with a simple term life policy could be the difference in keeping a roof over your family’s heads in the event of your death.
- People with Young Dependents – For people who provide for their spouse and/or children or other dependents, life insurance can provide a cash payout that offsets the lost income when a person dies.
- Single People Who May Incur Expenses After Death –A life insurance payout could cover outstanding bills and ensure that your full estate is handed down to your next of kin or family.
- People with Significant Net Worth –a life insurance policy could serve as a part of an overall investment strategy that could provide significant tax incentives
Selecting the Right Life Insurance Product
Like all insurance, your personal factors will determine what’s right for you. Texan Insurance agents are well educated on the various available products. We can help you understand your options and select the right products to ensure that you have the protection you need. Call or email us today to get started!
Our Quote and Apply tool allows you to:
- Instantly receive Life Insurance quotes from over 30 carriers
- Complete an online application
- Sign the agreement with DocuSign
- Securely attain the policy from respective insurance carriers
- **With or without a medical exam
See how easy it is…
- Pay for funeral costs
- Pay bills and meet ongoing living expenses
- Pay off outstanding debt, including credit cards and mortgage
- Continue a family business
- Finance future needs (i.e., education expenses)
- Protect a spouse’s retirement plan
…to get started today!
Our Quote and Apply tool allows you to:
- Instantly receive Life Insurance quotes from over 30 carriers
- Complete an online application
- Sign the agreement with DocuSign
- Securely attain the policy from respective insurance carriers
- **With or without a medical exam
See how easy it is…
- Pay for funeral costs
- Pay bills and meet ongoing living expenses
- Pay off outstanding debt, including credit cards and mortgage
- Continue a family business
- Finance future needs (i.e., education expenses)
- Protect a spouse’s retirement plan
…to get started today!
In addition to our Quote & Apply life insurance rating tool, we offer several products that require more specialized servicing by our experienced professionals. For inquiries regarding these products, please get in touch with us by calling (855) 960-4999
Annuities
Whether retirement is nearing or years away, an annuity can be a way to prepare for a better retirement and guarantee you’ll have regular income for the duration of your life.
Disability
Disability insurance protects you financially in the event that you become disabled (long-term or short-term) and are no longer able to work.
Long-Term Care
Avoid the hassle of asking loved ones for help. Long-term care insurance will help you pay the costs associated with care that aids you in everyday life.