Get the Facts About Your Options for Life Insurance in Midlothian TX
Finding the right life insurance in Midlothian 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 Midlothian TX
The reality is that not everyone needs life insurance in Midlothian 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 Midlothian TX
As you start researching your options, you will quickly be faced with a choice between term life and permanent life insurance in Midlothian 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.
Which Type of Permanent Life Insurance is Right for You?
If you decide that you need permanent life insurance, there are two main options:
- Whole life insurance. You pay a set premium and the policy is valid as long as you continue to pay that premium. Some whole life insurance policies build up case value that you can get from the policy if you surrender it.
- Universal life insurance. You have investment options with this one, and your premiums are adjusted based on the cash value, investments, and amount you have borrowed from the policy.
Right now is a great time to contact Grandview Insurance Agency at (817) 866-3337 for a quote or to learn more about your options.