Life Insurance Options

Big Spring, TX | Lubbock, TX

Life insurance is a contract between a coverage policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. 

Term & Permanent Insurance

Term life insurance generally provides protection for a set period, while a permanent policy, such as whole and universal life, provides lifetime coverage. Term coverage is designed to meet temporary needs. It provides protection for a specific period (the "term") and generally pays a benefit only if you die during the term. This type of policy often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a debt is paid off, such as your mortgage.

Whole coverage is a type of permanent policy designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full amount will be paid. Because it is designed to last a lifetime, permanent policy accumulates cash value and is priced for you to keep over a long period of time.

Discover Which Insurance Policy is Best for You by Contacting Us Today!

It's impossible to say which type of life insurance is better when it truly depends on the kind of coverage that's right for you, your circumstances and financial goals for yourself and for your family. The best way to figure out the amount and type of insurance that makes sense for your situation is to meet with a qualified and licensed insurance professional. Pirkle Weir Insurance is here for you to help navigate your insurance needs in the Big Spring and Lubbock, TX area. If you're interested in our life insurance, give a Pirkle Weir a call to discuss our coverage plans.

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