While no one wants to contemplate their own death, planning ahead can ensure your loved ones are taken care of in the event of your passing. This includes not only having an up-to-date will but also talking to an insurance agent about life insurance policies. If you have thought about this kind of coverage before, but never committed, the following explores its benefits and the different options available.

Is Life Insurance Worth It?

If you have dependents—whether it’s a spouse, children, or both—it’s important to purchase a life insurance policy. In the event of your death, this ensures that debts such as the mortgage and any medical bills are paid, as well as helping cover funeral costs. Sometimes, stay-at-home parents believe that they do not need coverage. However, even if your spouse is the breadwinner, they will likely face child-care and household costs that may be hard to handle on their own.

What Are the Different Types of Policies?

Term life insurance is the most common and affordable option; it usually covers a period of up to 30 years. If you pass within that window of time, your beneficiaries will be covered. Permanent life insurance provides coverage for your entire life, however, the premium is often higher. You also have the option of borrowing money from the value of the policy for your retirement. 

How Much Do I Need?

As a general rule of thumb, insurance agents recommend getting coverage equal to ten times your income. However, you should also weigh the size of any debts you have, as well as expenses you are expecting for the future. For example, if you want to make sure your child can afford a quality college education, you might need more.

When you’re ready to purchase a life insurance premium to protect your family, turn to the insurance agents at Texas Brand Insurance in Hubbard, TX. With over three decades of industry experience, they will help you find the coverage you need at affordable rates. They offer a variety of insurances from leading carriers and are known for their exceptional customer service. Give these insurance agents a call today at (254) 576-1180 to schedule an appointment or visit their website to learn more about their products.