Get the Facts About Your Options for Life Insurance in Covington TX
Finding the right life insurance in Covington TX can be complex. Should you choose convertible or combination life insurance? Do you need term life of whole life insurance? Does it even make sense for you to have life insurance in the first place? These are complex questions and the answers are different for everyone, which is why we recommend you contact Grandview Insurance Agency at (817) 866-3337 to consult with an experienced insurance agent. You can also read on to get the basics about various options.
The Importance of Life Insurance in Covington TX
The reality is that not everyone needs life insurance in Covington TX. If you are a single 25-year-old with no major debts or dependents, then there is probably not a reason for you to have coverage. If you are married with kids, a mortgage, and auto loans, then you do want life insurance. Why? Because it helps your loved ones maintain their current state of living if you are gone, it helps pay for funeral and end of life costs, and gives you the peace of mind that they are taken care of.
The Difference Between Term Life and Permanent Life Insurance in Covington TX
As you start researching your options, you will quickly be faced with a choice between term life and permanent life insurance in Covington TX. The main difference is in how long they last. Term life insurance will last for a specific term. Despite the name, permanent life insurance does not always last for the rest of a person’s life – though it often does. In some cases, it will be valid until the insured turns 65 years old.
The Two Main Types of Permanent Life Insurance
If you decide that you’re looking for life insurance in Covington TX for the long term, then permanent life insurance is the right choice – but which one? The good news is that when you work with Grandview Insurance Agency, we will help you find the perfect options. There are two basic types:
- Whole life insurance. This has a set premium and it is valid just as long you as continue paying your premiums. Depending on the policy, it might build up cash value and you might get that money back if you surrender the policy.
- Universal life insurance. This is a type of permanent life insurance with investment options. Your premiums would be adjusted as time goes on, based on your investments, cash values, and whether or not you have borrowed from your policy.
Which of these is right for you? That depends on a lot of factors. Contact Grandview Insurance Agency now at (817) 866-3337 to get answers to your questions about choosing life insurance in Covington TX.