Not everyone needs life insurance in Brownwood, TX or even throughout the state, but it’s a good idea if you have people that depend on you financially. There are different ways to figure out how much life insurance you need. To determine how much you need, consult with an agent at Robnett Integra Insurance Services and consider debts, the income needed to replace, and other expenses that can occur after death.
Once you decide to get life insurance in Texas, there are different policies to consider. Term life insurance will offer you coverage for a set period, and this can range from one year to even longer than 30 years. You get to choose the length of the term, and then, if you pass during that time, the death benefit will be paid to the beneficiaries. The policy will expire at the end of the term unless you pay to extend it. Many people benefit from term life insurance coverage when they are raising a family or have children in college. You can renew a term life policy at the end of the term, but you will likely have higher premiums.
Permanent life insurance is designed to provide coverage for a lifetime and also allows you to build savings over time. You can withdraw from, invest, or borrow against the savings. It does take several years to build any cash value in your policy and, if you withdraw the money early, you may have to pay more. Whole life insurance will stay in effect for your entire life unless you stop paying or cash out the policy. Universal life insurance will stay in effect until the maturity date. The maturity date is usually age 95 or higher, and then the coverage ends, and you get the cash value. Universal life insurance is more flexible, and you can also change the death benefits and premiums in this policy.
Contact Robnett Integra Insurance Services, serving Brownwood, TX, to get a quote on life insurance.