Best Life Insurance Companies in Wichita Falls

Frequently Asked Questions

• Who can be named as your life insurance beneficiaries in Wichita Falls?

  You can name your spouse, partner, and children as your life insurance beneficiaries in Wichita Falls. Your insurance policy helps your loved ones keep up with their everyday living in case of your unexpected passing. It also covers several out-of-pocket expenses, including mortgages, long-term debts, and funeral or burial costs.

• If you do not have life insurance beneficiaries in Wichita Falls, what will happen to your death benefits?

  If you do not have life insurance beneficiaries in Wichita Falls, your death benefits will be paid directly to your estate. However, it might result in a lengthy probate process that can delay payments to your named heirs. In addition, your death benefits will be used to pay estate settling and outstanding debts.

• In Wichita Falls, who can change the life insurance beneficiary in a policy?

  In Wichita Falls, the one who owns the policy can change the designated beneficiary. Someone with a durable power of attorney can also change the beneficiary. This case is only applicable if they have a revocable beneficiary. However, if they have named an irrevocable beneficiary, policyholders need their consent before making changes to the policy.

• If you already have employer-provided life insurance in Wichita Falls, do you still need to have personal life insurance?

  Yes. It is a good idea to have personal life insurance even if you already have employer-provided life insurance in Wichita Falls. The reason for this is that most of the time, employer-provided life insurance is not enough to cover all your financial obligations. You cannot take your life insurance once you leave your job.

• What is not covered by life insurance in Wichita Falls?

  In Wichita Falls, life insurance will not pay the death benefits of insured individuals if they commit suicide and have been involved in acts of war. Their death benefits will also not be covered if they move outside the USA for good and do illegal activities. In addition, carriers will not pay for death benefits if policyholders commit fraud.

• 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.