It is devastating for a family when a loved one passes and forces those who are left behind to pick up the pieces and attempt to carry on. One of the most significant obstacles that most families face revolves around finances, as the cost of a funeral alone is estimated to exceed $5,000. Life Insurance in Austin TX helps alleviate the financial burdens that follow a death by providing a named beneficiary with a set amount of money upon the passing of the covered individual.
Premium Rates
One of the first things most individuals shopping for insurance are concerned with is the amount the policy will cost. Though most insurance companies offer affordable monthly payments, the rate attached to life insurance will depend on the total value payable at death and other items such as the type of policy purchased. Be sure to find a policy that offers affordable terms and talk to an agent about the plethora of options available that will personalize the coverage for any family’s needs.
Whole Life Vs. Term Life
Most insurance policies are divided into two categories and are labeled as either whole life or term life. Term life policies are usually cheaper to obtain, but the amount of coverage they offer will usually decrease with the age of the insured. In a whole life policy the amount paid to a beneficiary never reduces, and in some cases, the coverage will gain cash value that may be borrowed against by the policyholder.
Accidental Coverage
Accidental deaths are not as numerous as those that are caused by health conditions, and because of this, many companies that sell Life Insurance in Austin TX offer accidental riders that serve to increase the benefit amount in the event of accidental death. The total cost of this type of coverage will vary depending on the beneficiary amount but may be as much as 40 percent cheaper than a policy that offers a payout in the event of death due to natural causes.
Life insurance provides peace of mind to those who are left behind. Patrick Court is a Statefarm agent that has access to a variety of policy options and will help any family find the coverage they need. Contact his office today to learn more and get a free quote to see how affordable quality life insurance should be.
