Best Life Insurance Companies in Plano

Frequently Asked Questions

• Is it possible to use an active life insurance policy to cover the repayment of an unsettled mortgage loan in Plano?

  Yes. An active policy in Plano, whether it's cash value life insurance or term life insurance, has multiple uses, one of which is to cover the remaining mortgage loan balance if the insured passes away. Lenders might suggest a mortgage protection term policy to you, but they hardly ever demand one.

• Is it advisable to purchase credit life insurance in Plano?

  It is normally not advised to get credit life insurance in Plano if you already have enough life insurance to cover all of your financial responsibilities, including paying off debts. This is because credit life insurance often comes with a higher price tag than standard term life insurance.

• What is the importance of an individual life insurance in Plano?

  Having individual life insurance in Plano is important because it can:

  • Cover tax obligations.
  • Be used to contribute to charitable causes.
  • Help with funeral and burial costs.
  • Provide essential income for your dependents when you pass away.
  • Serve as an inheritance, even if you don't have significant assets to leave to your beneficiaries.

• What factors should you consider when seeking a term life policy in Plano?

  Search for term life policies offering guaranteed renewability in Plano, allowing you to extend your coverage after the initial rate guarantee without requiring a medical exam. This can be essential for your family if you fall ill and are unable to obtain insurance toward the conclusion of the initial premium guarantee period. Furthermore, seek a policy with a valuable conversion option and dependable permanent policies that can be used for conversion.

• Is it possible to change your life insurance policy in Plano?

  Yes. In Plano, you can typically modify your life insurance coverage as needed. Depending on the policy type, you can adjust the coverage amount, possibly increase or decrease it, following underwriting regulations. Term insurance policies also frequently have a convertibility option, whereas permanent insurance can be converted from term insurance without the requirement for underwriting. By contacting the carrier and requesting the necessary paperwork, changes can be made at any moment to the beneficiary, ownership, or address.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.