When to Think About Getting Life Insurance

If you’re thinking about life insurance, then you should start researching it now. The sooner, the better. The best time to get life insurance is at birth, but since you’re unable to do it for yourself at that time, then you should look into it now. Alloy Insurance Partners in the Dallas, TX area can help you. We have agents with insurance experience, and we’re ready when you are.

What is Life Insurance?

Life insurance is a policy or contract between you and the insurance company. The insurance company will pay your beneficiaries a specific amount upon your death. In return, you pay monthly premiums to the company. The amount is based on the terms of your policy. It could be $100,000, $200,000, or more. It is also a one-time lump sum payment.

What Types of Life Insurance

Term-Life Insurance — Your premium payments remain the same for a specified period or term. Terms are usually set in 10-year increments. Starting at 10 or 20 years, terms can be extended once it ends. You can always convert it to a whole-life insurance plan or terminate the coverage altogether. The insurance company uses the life expectancy of the policyholder to determine the premium amounts. The person’s age and health also determine it.

Whole-Life Insurance — Provides lifetime coverage, which includes a cash-value payout along with the death benefit. The cash value is more like a savings account. If you pay more than the premium each month, then those funds will basically be set aside earning interest. 

Don’t be willing to let yourself go without life insurance any longer. If you’re in the Dallas, TX area, the agents at Alloy Insurance Partners can help you start the discussion about purchasing life insurance today.