503 Woodland Park
Georgetown, TX 78633
People in Texas purchase life insurance so that their beneficiaries can enjoy their current standard of living in the event of sudden death. It can also be used to pay burial costs and settle outstanding debts. Your StraightEdge Insurance Agency team in Georgetown, TX can help you evaluate the different types of coverage before selecting the options that work for you. Meanwhile, keep reading to learn more about the two basic categories of life insurance, permanent and term.
Permanent life policies cost more but provide coverage your entire life. The purpose of permanent life insurance is to build up a cash value that increases over time. This cash value can be borrowed against or withdrawn while you are still alive. You can use it to pay future premiums after you retire.
Term life is cheaper and simpler than permanent life insurance. The two main types are annually renewable and level term policies.
Annual renewable term policies expire every year and have premium adjustments based on your age.
A level term lasts longer (five, 10, 15, and even 30 years). Some level-term policies have a fixed premium, while others only guarantee the premium for a set time period (usually a few years). Understanding how this works is extremely important and your StraightEdge Insurance Agency team can help clear up any questions you may have.
Here are a few common elements that impact your eligibility for life insurance as well as how much it costs you. Your age, gender, and lifestyle all play into the algorithm. Whether you are in good health or suffer from a medical condition also goes into the mix. Smoking costs you a bump in your premiums, while dangerous hobbies, such as skydiving or piloting a plane, also cost you more when it comes to life insurance premiums in Georgetown, TX.
Contact StraightEdge Insurance Agency today for more information on the types of Texas life insurance you should consider and to make an appointment to get a quote.