When it comes to term life coverage and whole life insurance, Texas residents are as varying in their opinions as all other Americans. Some people prefer term coverage while others prefer whole coverage and, in the end, it really all boils down to which kind of policy is going to meet your specific needs. That’s what makes one kind of whole life insurance better than any other.
Really, the bigger question is: When should you purchase coverage? And the answer might help you determine which coverage is best.
When to Purchase Life Protection
Perhaps even before they’ve decided whether they want term or whole life insurance, Texas residents must then decide when will be the best time to purchase it.
The best time to buy coverage is when you’re healthy – which is exactly the time most people aren’t thinking about benefits. However, the sad reality is many carriers charge older people higher premiums than the premiums they charge younger people. Older individuals, as a whole, tend to have more health problems and carriers often consider this factor when determining rates.
This reality is also one that makes many folks consider whole life insurance. Texas carriers can sell you a term policy that will last for anywhere from one year to thirty years, but once that term is up, you must either renew. Because you’ve gotten older over the years, the company might not renew your policy (or, it might not renew it at a rate you can afford), which means you must look for coverage elsewhere.
However, with whole life insurance, Texas carriers won’t have to decide whether or not to renew your policy – it stays with you for life. So, no matter how old you get or how much your health deteriorates, your whole life policy will cover you until death.