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Amy Tounget Insurance Agency, LLC Blog

Life Insurance Basics

A life insurance policy provides your family with a death benefit payout in the event of your death. Purchasing a life insurance policy helps ensure your loved ones are financially taken care of after your passing. Essentially, life insurance policies are an agreement between you and your insurance company where you agree to pay premiums for life insurance coverage in Midlothian, TX. 

If you have questions about life insurance, give the agents at Amy Tounget Insurance Agency LLC a call today. 

Who Needs Life Insurance? 

Anyone who is financially responsible for helping others should consider buying a life insurance policy. Life insurance policies help lessen financial burdens some family members are left accountable for after the policyholder’s death. For example, life insurance benefits can be used to pay for funeral expenses, future mortgage payment, estate taxes, and help maintain a family’s standard of living. 

Types of Life Insurance Policies

There are two main options available when shopping for life insurance — Term life insurance and whole life insurance. For a specific timeframe, term life insurance provides coverage for you, generally up to 30 years, but can be as short as five years. Term life insurance is designed to provide coverage during specific live events, such as raising a family. Beneficiary benefits end when the term expires. Whole life insurance covers you for your entire lifespan as long as you continue paying the premium. 

Life Insurance Premiums

Life insurance premiums are calculated using many factors, including your age, health, family’s medical history, and if you engage in risky hobbies. Term life insurance tends to be the less expensive option and does not carry any cash value. On the other hand, whole life insurance costs more and does carry a cash value, which you can borrow against in the event of a financial need. 

Those in Midlothian, TX, with questions about life insurance, should reach out to the agents at Amy Tounget Insurance Agency LLC. The agents there can help answer all the questions you may have. 

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