Situated on the southernmost tip of Texas, Brownsville is right across the border from Mexico. Residents of this city have many concerns and, for most, caring for their families is at the top of the list. One way to ensure the financial security of your loved ones is through a Brownsville, TX life insurance policy. How can residents of this seaside border city make the right policy choices?
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Life Insurance Costs and Facts
- Sample monthly premium for $500,000 of 20 year term life coverage for a 35 year old female preferred risk non-smoker: $35.69
- Sample monthly premium for $500,000 of 20 year term life coverage for a 50 year old female preferred risk non-smoker: $86.98
- Number of new individual policies purchased, 2009: 10,139
These sample term life price quotes are intended only as an example of how inexpensive a term-life policy can be. The actual price you will pay for your Brownsville life insurance policy will depend on several factors, including such things as your age, health history, profession, and even your ZIP code.
For example, some local residents may frequently engage in international travel or may work in the Gulf's shipping or transportation industries. These factors can affect your risk classification and lead to increased rates with some insurers. Conversely you might be offered lower prices if you maintain a healthy weight, do not use tobacco and have healthy blood-pressure and cholesterol levels.
The only way to determine how much a policy will cost you requires you to assess your coverage needs, decide which type of policy to purchase, and then compare rates from at least three different insurance companies.
What Are the Different Types of Brownsville Life Insurance?
Life insurance comes in different types. For many, deciding which type to select is the hardest part about buying a policy. Speaking with an independent insurance agent or a financial advisor can help you make the most informed decision. The three most common types of life insurance are:
- Term life insurance: These policies last for a specified length of time (term). The policies have no cash-value and expire at the end of the term, at which time they cannot be renewed at the same rates, if at all. They are the least expensive option so they permit you to purchase a lot of coverage at a low, affordable rate.
- Whole life insurance: These are permanent policies that accrue a cash value over time. These policies are kept in force for as long as you continue to make payments on your premiums. If needs dictate, you can cash in your policy at any time and collect its accrued value. Though they are the most expensive option, they permit you to lock in low rates by purchasing a policy while you are young.
- Universal life insurance: This is another form of permanent life insurance, but it is more flexible and more complex than a whole life policy. You will be able to adjust some policy features, such as the amount of coverage and premium amounts, over the policy’s life.
Some people opt to purchase a whole life policy for their children so that low rates can be locked in very early on. Because these policies build up a cash-value, many consider them to be investments or even savings accounts. Some insurers will allow grown children to convert their whole life coverage to an individual policy without having to go through health underwriting.
Who Might Buy Brownsville Life Insurance?
- Americans under 25 with life insurance: 18%
- Americans aged 25 to 34 with life insurance: a bit more than 50%
- Americans who do not believe they have enough life insurance: 39%
Younger people are less likely to be covered even though their rates are the most affordable. While young adults with no dependents or property may not really need a lot of coverage, they can lock in lower rates when they are young and healthy so they have it at an affordable rate when they do need it.
Additionally, your employer may offer group life insurance benefits. This makes for an easy and affordable option, but these policies are not transportable if you change jobs.
Compare Brownsville Life Insurance Quotes
Some people put off shopping for a policy because they do not know how to get started or because they are afraid that coverage will be too expensive. When it comes to life insurance, however, procrastination is never a good idea. The topic can be complicated, but you can contact an independent insurance agent for help.
Agents in the Trusted Choice network can help you by providing answers to your policy questions and offering a variety of rate quotes from multiple insurers. This can help you purchase the right coverage at an ideal price.