This West Texas city was originally established and named as the railroad stopping point about halfway between El Paso and Fort Worth. The discovery of oil in the Permian Basin turned Midland into the center of West Texas energy production. Because this area’s economy depends largely upon energy production, these industries may influence some residents' choices of Midland, TX life insurance.
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Sample Costs and Local Facts
- 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 35-year-old female preferred risk non-smoker: $35.69.
- Age, general health, travel habits, ZIP code and even profession or hobbies can affect premiums.
These sample prices do not illustrate the actual prices for any particular Midland life insurance company. Insurers consider many individual factors when they offer a rate quote to an applicant. Some of these quotes may even include profession and hobbies.
Permian Basin oil field workers could fall into a higher risk category with some insurers. Also, living close to some energy production facilities might be more dangerous than living away from drilling, construction and aggressive land use practices.
On the other hand, people who strive to maintain a healthy lifestyle may get an insurance discount. Make sure to ask an insurance agent about what factors could affect your rates.
Basic Types of Life Insurance Policies
- Term life insurance: Temporary life insurance policies are very popular with consumers because these policies are generally cheaper than permanent policies. However, they do expire without a cash value when the contract ends.
- Whole life insurance: This is the oldest kind of permanent insurance. It does not expire as long as payments are up to date, and it may accrue a cash value beyond the actual death benefit.
- Universal life insurance: This is a newer kind of permanent coverage. It is similar to whole life but may be more flexible because some aspects of the policy can change at the owner’s discretion.
These are only the most basic and common kinds of Midland life insurance you might look at. An agent can review your requirements and suggest additional riders (options) or variations of these basic kinds of coverage.
For example, some people purchase a universal life insurance policy because it may have long-term benefits, but these people also add a term rider for more coverage because of more immediate needs like a large mortgage.
Who Purchases Midland Life Insurance?
- Americans under age 25 with life insurance: 18%
- Americans aged 25 to 34 with life insurance: over 50%
- Number of new individual policies purchased in the U.S., 2009: 10,139
- Americans who do not believe they have enough life insurance: 39%
Almost anybody can purchase some type of Midland life insurance policy. Young adults are less likely to purchase a policy than older adults are because younger adults may not believe that they really require coverage yet. If no one depends on your income and you have saved enough money for funeral expenses, you may not need to purchase life insurance. However, since younger people are generally cheaper to insure, some do buy coverage in order to lock in lower rates for their planned future needs.
Older people or even people with certain health issues are encouraged to shop around for coverage too. Many large companies are courting older customers with rates that may be surprisingly affordable. People who suffer from well-managed, pre-existing conditions like diabetes or high blood pressure may still be able to purchase insurance for standard rates too.
Compare Midland Life Insurance Quotes
Life insurance can be a complex topic, but a local agent in the Trusted Choice network can make your choices much simpler. These local agents can provide you with free price quotes and help you assess your own needs.
Contact a member agent today for help in selecting a sensible plan that meets your needs and budget.