This central Texas city is famous for its association with Fort Hood, a large U.S. military installation. Killeen’s economy is heavily dependent upon service people, families, and base employees. If you have a family and dependents, how are you ensuring that their needs will be met if you are no longer around to provide for them? A Killeen, TX life insurance policy may be the answer.
An independent agent in the Trusted Choice® network can help you learn everything you need to know to choose the right life insurance policy. These local agents can help to assess your needs, compare multiple Killeen life insurance quotes from a variety of companies and ultimately select a policy that’s right for you. Find out more by contacting a local member agent here in Killeen today.
Costs of Killeen Life Insurance
- Your individual rates can be affected by your age, profession, hobbies, general health, and many other factors.
- Sample monthly premium for $250,000 of 20-year term life coverage for a 35 year-old female preferred risk non-smoker: $23.90.
- Sample monthly premium for $500,000 of 20-year term life coverage for a 50 year-old female preferred risk non-smoker: $86.98.
How Are Life Insurance Rates Determined?
Every insurance company uses a unique set of criteria for assessing risk and determining premium costs. Your actual life insurance rates will depend upon the insurance company you choose, your age and occupation, the amount of coverage you buy and whether or not you smoke. The insurance company will take other individual factors into consideration as well.
Service men and women, for example, might purchase life insurance from private insurers. In fact, some companies actively court the military market. However if these service members are engaged in combat, it could be considered a higher risk profession and some policies exclude “acts of war” from death benefits.
An independent agent can take the time to understand your unique situation, help you understand the how life insurance can affect you, and then find the right policy to protect your family.
Why Purchase Killeen Life Insurance?
- Americans who do not believe they have enough life insurance: 39%
- Americans aged 25 to 34 with life insurance: over 50%
- Americans under 25 with life insurance: 18%
- Number of new individual policies purchased in the U.S., 2009: 10,139
Many Americans buy coverage to protect their dependents financially. Younger adults tend to purchase less coverage than older adults, perhaps because they have not yet reached a stage in life when other people depend upon them financially.
However, life insurance rates are lower for younger people so locking in rates while you are young is an excellent way to plan for the future. Even if you don't have dependents, purchasing a life insurance policy can be an excellent way to cover your debts and provide for survivors if you should pass away unexpectedly.
Basic Life Insurance Policy Types
- Term life insurance: This is considered temporary coverage because your policy has an expiration date, and will only provide death benefits if you should die during the specified term. Terms range from 5 to 30 years, but if you’re still living when your policy expires, you can simply renew the coverage or convert your policy to a permanent life insurance plan.
- Permanent life insurance: This policy is valid until you die or reach age 100. Like a term life insurance policy, you select a death benefit, but you also have the added value of an investment account, which grows with a tax preferred status. While permanent life insurance is more expensive than term, it can be an excellent tool when planning for retirement. There are two types of permanent life insurance:
- Whole life insurance: This policy includes predictable monthly premiums and a steady rate of return on your investment account.
- Universal life insurance: These policies are more flexible, but come with an added amount of risk. While you can stop paying premiums for several months at a time, your rate of return is also subject to market fluctuations. If you aren’t skilled in the stock market, this plan may not be right for you.
You can structure your Killeen life insurance policy to suit your specific needs and goals. For example, you might purchase universal life insurance for a death benefit and possible asset growth, but also add a term life rider to provide a larger death benefit at a lower price.
An independent agent can help you analyze your current situation and future goals and suggest budget friendly coverage options that make sense for your family.
How to Compare Killeen Life Insurance Quotes
There is no "one size fits all" policy or insurer for everybody. An independent agent in the Trusted Choice network can help you assess your needs, select the right coverage, and compare multiple Killeen life insurance quotes.