Choosing the right life insurance policy is key to getting the protection your family needs. These three tips can help guide you into making wise life insurance decisions.
Purpose of Life Coverage
Life insurance serves many purposes. It helps to replace lost income, covers debts and pays for present and future living expenses of your loved ones after you’re gone. Before buying a policy, decide what purpose you want your policy to fill.
Length of Coverage
The length of coverage for life policies vary depending on the type of policy you buy. Term life policies are only good for a specific amount of time; whole life and universal life policies last until the death of the policyholder. Your choice of insurance will depend on your purpose for buying.
With whole life policies, part of your premium goes toward establishing a tax free account to generate savings for your future. Term life offers no savings component; premiums go only towards paying your insurance coverage.
To discuss your life insurance options with a qualified life insurance agency in Texas, contact Haylow Insurance Group located in Cedar Hill, Texas, today.