The Texas Department of Insurance (TDI) regulates most of the life insurance policies issued within the state. They also provide an assortment of helpful life insurance consumer guides and information. According to the TDI, a life policy – or a particular type of life policy – may not be the right choice for everybody. Their advice is to evaluate your own personal situation and to shop around for the best policy and insurer.
Since everyone who is considering Texas life insurance is different, it is impossible to suggest one policy or insurer without learning about your unique situation and financial goals. A local independent agent in the Trusted Choice® network can provide free Texas life insurance quotes from multiple companies and help you choose the best policy for your needs. Contact a member agent today to find the right combination of coverage and price.
Cost of Texas Life Insurance
Your life insurance cost will depend upon many individual factors. The following are some of the common factors underwriters take into consideration when they write your policy. An agent will probably need this type of information before delivering accurate quotes, as well:
- Age and general health history
- Type and amount of life insurance
- Preferred life insurance company
- ZIP code
Insurers keep all sorts of statistics about life expectancy and the risks they take on when they insure individuals with different backgrounds. Rates may vary by ZIP code, for example. It is likely that premiums in urban Dallas will be different than premiums in rural areas.
Also, do not be afraid to ask for life insurance quotes because you have health issues. Well-managed health issues may not even increase rates. Your Trusted Choice member agent will provide you with answers and rate quotes without charge.
Types of Texas Life Insurance Policies
The Texas Department of Insurance takes great pains to be certain you understand the fact that life insurance is not an investment. They also warn consumers about working with agents that describe policies as investments. Nevertheless, some types of policies may allow owners to develop and increase the policy’s cash value, which is money available to the policy owner under various circumstances.
Other types of policies do not grow any cash value, and they only provide a death benefit. The best choice depends upon your own goals, budget, and long-range financial prospects.
There are three primary types of life insurance available in Texas:
- Term life: A good way to think about term life is as a product that provides temporary protection. For instance, you may only be concerned about protecting your children until they are on their own. The period of coverage may range from several months to several decades. Once the contract has ended there is no cash value and the coverage terminates.
- Whole life: Whole life stays in force as long as payments continue or until the policy is completely paid up. It may grow a cash value, which can be withdrawn or used to pay premiums.
- Universal life: Like whole life, universal life insurance is also permanent. It also might grow a cash value in addition to providing a death benefit. Universal life insurance is different than whole life because it is more flexible and transparent.
Compare Texas Life Insurance Quotes
To compare a range of Texas life insurance quotes and find the best policy for your needs, contact a local independent agent in the Trusted Choice network. Your agent can answer all of your questions and provide the information you need to make the most informed choice.