Should you opt for a whole or term Texas life insurance policy

Life insurance policies usually fall under one of two categories: whole life insurance and term life insurance. The type of Texas life insurance policy you choose will depend on your future needs and your current circumstances.

Term Life: shorter term gain

Although term life policies don’t offer the same type of coverage as whole life policies, they are sometimes preferred by individuals who don’t like the idea of being tied to a certain policy and a certain set of fees. Term life policies can be a good choice for those who are dealing with debts or who don’t know what their future financial position will look like. Term life options can be more manageable for people in these situations, and can sometimes be converted into Whole Life policies down the road.

Whole life: longer term security

Whole life policies offer coverage throughout your whole life, so long as you pay the premiums, giving an added measure of security. In addition, Whole life insurance policies may feature benefits such as lower or loyalty-based premiums, and the ability to make a claim on the policy during your lifetime. For example, if you become terminally ill, your whole life policy may, depending on your coverage options, be accessible.

The type of life insurance you choose is your choice to make. If you’re unsure about the best option for you, speak to an agent to find out more about your options, and consider talking to your financial planner about the level of protection you might need to have in place.

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