The Popular Option
When it comes to choosing between whole life insurance and term life insurance, there’s no question term life is the most commonly selected life insurance policy. Box Insurance Agency has served the DFW area for almost a century, making it one of the oldest life insurance companies in Dallas, providing a broad range of insurance for all your needs.
The reasons term life remains the popular option for the majority of the population includes the following:
- Term life insurance costs less
- It provides for the needs of most people
- Term life insurance policies provide you with coverage when you’re still working and have dependent family members.
Selecting a Policy
The first step in purchasing a term life insurance policy is to determine how much coverage you need, and the length of the term coverage. The length of the term is essential to consider, and it is a factor often overlooked.
Term life insurance provides coverage for a specific time period, and a payout is only awarded if the insured individual dies during the term coverage. These limits are a reason why the premiums are less costly than whole life insurance. Standard terms are from 5 to 30 years, with each term having its own benefits. Selecting life insurance doesn’t have to exasperate you, contact Box life insurance companies in Dallas for additional information.
Selecting a Term Length
The primary factors to consider when deciding the length of the term include:
The Purpose of the Coverage
Considering the reason you’re buying insurance will assist you in deciding the length of your life insurance term. For example, if you have children, coverage should last until they are no longer dependent on your income, and beyond the expected college graduation date.
A mortgage loan is financed for a specific length of time, and if your mortgage is for 30 years, a 30-year term life policy us the obvious choice if your primary reason is for mortgage protection.
Furthermore, if you’re concerned about providing financial protection for your spouse in the event of your death, coverage should last until you and your spouse are retirement age. Contact an agent today at Box life insurance companies in Dallas for the information you need.
Matching Cost and Budget
The next step in purchasing term life insurance is requesting quotes to ensure a match for your budget. However, those with health problems should expect a higher premium, which can force you to consider the length of the policy. When this is an issue, select a shorter term, which is typically less costly anyway. Once your medical issues are under control and documented with routine visits to your doctor, you can consider a longer term policy and potentially receive a lower premium.
In conclusion, your life insurance needs are likely to change over the years. When changes occur, you’ll need to update your policy. In addition, you may want to consider purchasing multiple policies for different needs. For example, you may want to purchase a policy for your mortgage, another for your family, and another to protect your assets if you own a business. You may save money on premiums, ask a Box Insurance Agency agent for a free quote today when you contact our life insurance companies in Dallas.
Box Insurance Agency provides the personalized attention our clients deserve. Contact us today for a free quote from our life insurance companies in Dallas. Our knowledgeable insurance agents serve Dallas, Fort Worth, Grapevine, and the surrounding areas.