Wichita Falls was named after natural waterfalls that were wiped out in a flood over a century ago. City residents decided to build an artificial waterfall recently, as a point of interest for tourists, but the original falls can never be replaced. In a similar way, no one can replace your contribution to your family after you are gone. However, you can ensure that your loved ones will continue to receive the financial support they need if you have the right Wichita Falls, TX life insurance.
A local agent in the Trusted Choice® network can make it easy to find the right policy for your unique situation and budget. These local agents offer free Wichita Falls life insurance quotes from a variety of top rated insurers. Get in touch with a member agent to learn how to protect your family with the right Wichita Falls life insurance.
Sample Premiums and Local Considerations
- Sample monthly premium for $500,000 of 20 year term life coverage for a 50 year old female preferred risk non-smoker: $86.98
- Sample monthly premium for $500,000 of 20 year term life coverage for a 50 year old male preferred risk non-smoker: $111.38
- 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
The example prices are simply meant to demonstrate how different policy choices might affect premiums. They are not meant to represent an actual price quote from any Wichita Falls life insurance company. A number of factors determine each policy price. These might also include health conditions, exact ZIP code, and even occupation.
For example, Sheppard Air Force Base is the city’s major employer. Some private insurers actively court the business of service people and their families. But some insurers might exclude coverage for people with dangerous professions or deaths that happen as a result of “acts of war.”
In order to purchase the right coverage for your unique needs, it is important to review any policy you plan to buy. A good local agent should take the time to understand your situation and future goals. That way you can find the right coverage and get a good value for your dollar.
Summary of Life Insurance Policy Types
- Term life insurance: This is temporary insurance, even though the term could last for years or even decades. The policy has no cash value and is only intended to provide a death benefit.
- Whole life insurance: This provides permanent, lifetime coverage and can grow a cash value, which you can use as collateral, or cash out if necessary.
- Universal life insurance: Universal life insurance is also permanent insurance. It is different than whole life insurance because it is more adjustable and transparent. It is easier for a policy owner to manipulate the investment component, and the actual death benefit.
Permanent life insurance contains an investment component and can accrue cash value, but the Texas Department of Insurance warns consumers not to consider life insurance an investment. Consumers primarily purchase coverage as a way to replace their income or other contributions if they pass away.
Term life insurance is usually the cheapest kind of policy and it generally has no cash value. The fact that you can buy more coverage for less money attracts many consumers to term life, as well as the fact that it covers your pre-retirement years, when your family most needs your income. Your best choice of coverage depends upon your budget, financial situation, and future goals.
Who Is Buying Life Insurance?
- Americans who do not believe they have enough life insurance: 39%
- Number of new individual policies purchased in the U.S., 2009: 10,139
- Americans aged 25 to 34 with life insurance: over 50%
- Americans under age 25 with life insurance: 18%
Many people decide to purchase coverage when they begin to worry that their family would have a hard time if they lost income from one of the main breadwinners. Other families purchase policies for more complicated reasons, like to transfer wealth to the next generation or protect a family business.
Group and Individual Policies
You may be offered group coverage at work, and this can be a simple and affordable way to get covered. However, you might consider purchasing an individual or family plan in order to have more choices and keep your coverage in case you change jobs or retire.
If you manage or own a local business, you might be interested in offering group life insurance to your employees. Many companies find that group benefits help attract and retain a quality workforce.
Compare Wichita Falls Life Insurance Quotes
A local member of the Trusted Choice network can make your life insurance search much easier. These agents can provide you with a variety of price quotes and answers to your policy questions.