Some types of insurance are required by the state or lenders, but some types are optional. One of these is life insurance. Boss Insurance Agency assists the greater Kingwood, TX area residents with this vital coverage.
How do you know if you should get life insurance? Below is the answer to that and more common questions about life insurance.
Life Insurance FAQs
Do I need life insurance?
It depends on a few factors. If you are the main income provider and your family or dependents will suffer financially if you die, it would be a good idea to get life insurance. If you do not largely contribute to your household’s income, it doesn’t make sense to get a policy.
What is the difference between term and permanent life insurance?
There are a few different types of life insurance. The most common types are term and permanent life insurance. Term life insurance means you are insured for a certain period of years before it expires. Permanent life insurance lasts for the rest of your life until you die and has the option of cash value.
How much life insurance should I get?
It depends on your income and your net worth. People use a few different formulas to determine how much life insurance to get. You can multiply your annual salary by ten. Another way is to multiply your salary by ten and add college for each child. Some people use another formula called DIME. DIME stands for debt, income, mortgage, and education.
What types of life insurance are there?
There are three types of life insurance. These include term, permanent, and universal.
Give Us A Call
If you are in the market for life insurance, give us a call at Boss Insurance Agency in Kingwood, TX.