Life Insurance in Dallas, TX
A common myth about life insurance is that it’s just for those earning a paycheck. However, it’s also crucial for stay-at-home parents and individuals who provide childcare and household management services. If they pass away, life insurance may cover the costs of hiring help for childcare, house cleaning or other essential services. This policy may protect the entire family’s financial stability, not just the income earners.
What Are the Primary Types of Life Insurance?
Several types of life insurance are available, all of which fall under two main options:
- Term life insurance may cover the policyholder for a certain number of years, typically 10, 15 or 20 years. It may provide a death benefit to beneficiaries if the policyholder dies during the specified term. Term life insurance is often more affordable than other types of life insurance.
- Permanent life insurance may provide lifetime coverage as long as premiums are regularly paid. Most of these policies include a cash value savings component that grows interest over time. Premiums of permanent life insurance are generally higher than term life insurance.
Life insurance plans can be customized to address financial obligations, replace income and achieve future financial goals such as funding education or retirement. It’s best to speak with an insurance agent to determine which policies are most suitable for your needs.
What Does My Policy Cover?
Life insurance may provide a tax-free death benefit to a policyholder’s surviving dependents and other beneficiaries. This financial aid may be used to cover the following:
- Funeral expenses
- Credit card debt and other loans
- Mortgage
- Daily living expenses
- Children’s education expenses
- Retirement savings
Get Covered Today
Lakewood Insurance can help design a life insurance plan that grows with you and your family. Contact us today to get started.