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Life Insurance

Life insurance has been defined as a contract between an insurer and an individual called a policyholder where the insurer makes a guarantee to make death benefit payments to beneficiaries after the demise of the policyholder. With life insurance, the policyholder can have peace of mind that their dependents will be financially secure even after they have passed. If you have dependents and you are their sole breadwinner, you probably need life insurance to help with financial strains that could arise.

The amount of life insurance depends on a person's source of income, how many dependents they have, their lifestyle, and if they have any debts. There are several types of life insurance including:

Term life insurance

Term life insurance policies, also known as pure life insurance policies, are the least complicated and are typically the cheapest. They are either annual renewable term where the contract is renewed each year and premium paid is revised or level term which is for five years to thirty. A term life policy is best for a young family in Texas or someone with short-term needs.

Permanent life insurance

Permanent life insurance policies have a higher premium when compared to term policies because they offer a longer coverage period. With permanent life insurance, there is a savings component that grows with each premium payment. The policyholder can invest, withdraw, or borrow against this money during their lifetime. A whole life insurance policy is a type of permanent life policy where the policy remains in effect for the holder’s entire life unless they stop paying the premiums. Premiums under the whole life are fixed. A universal life insurance policy, on the other hand, is more flexible and allows one to choose the amount of premium and coverage they need.

When choosing life insurance, it is important to educate yourself on the basics, so you can make an informed decision. To learn more about a life insurance policy, contact Norment & Landers Insurance located in Texas. Our agents can help you get a quote and get started on a policy.