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Life Insurance Quote Forms
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|Life Quote Form|
Individual and Group Life Insurance Policies in Austin, TX & Surrounding Areas
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent (whole life) insurance.
Term Life Insurance
Term life insurance provides a certain amount of coverage for a certain period of time. The idea behind term life insurance is to protect your dependents in case of a premature death. Common terms are 10, 20, or 30 years. Ideally, you will need to pick a term that’s long enough to cover your time of potential need ― for example, until your mortgage is paid off or your youngest child finishes college.
Permanent Life Insurance
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums and no loans, withdrawals, or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. Permanent life insurance grows slowly and is also tax-deferred.
3 Things to Consider With Life Insurance
There are many factors that go into a life insurance purchase, but these three things are critical to choosing an appropriate policy.
The Difference Between Term & Permanent Insurance
Term life insurance provides coverage for a specific and limited amount of time. Whole life insurance is designed for an individual’s entire life. There are other differences between the two: Term life insurance typically has a lower premium, but whole life insurance has a cash value that accumulates over the life of the policy.
A few key differences between permanent and term life insurance are:
- Premium remains the same for as long as you are alive
- The death benefit is guaranteed
- The cash value account grows at a guaranteed rate
It is important to secure an affordable life insurance policy, not just for now, but for the future as well. Often when people are cutting budgets, life insurance is one of the first things they stop paying for. A policy that is affordable long-term will guarantee that you can hold onto it if you make any serious budget cuts.
How to Determine Coverage
The amount of money your loved ones will receive is called a death benefit. To calculate a proper amount of life insurance, remember to include both one-time expenses and ongoing expenses, such as a mortgage payment. Discussing with your agent the amount needed, based on income and other expenses, will help everyone be prepared.
Contact Evans, Ewan & Brady for Life Insurance in Killeen, Georgetown & Austin, TX
It’s impossible to say which type of life insurance is better, because the kind of coverage that’s right for you depends on your unique circumstances and financial goals. Here at Evans, Ewan & Brady, we have the professionals who will be able to help you with your long-term goals, including life insurance plans. We will ensure that the plan that is picked out for you is the one that makes the most sense for your particular situation.
To begin comparing available rates and policies for life insurance in Central Texas, call 512-869-1511 or request a quote online today. To have a member of our staff call you, contact our Georgetown life insurance agency online.