Life Insurance in Forney, TX
Your life insurance policy can protect your loved ones from financial uncertainty in case you pass away. At McDermett Insurance Agency, we’re dedicated to helping you find the most suitable policy based on your needs and budget.
Types of Life Insurance
In general, there are two types of life insurance:
- Term life insurance may cover you for a specific period of time (e.g., 10, 20, 30 or 40 years). It is generally cheaper than whole life insurance.
- Whole life insurance may offer lifelong coverage. It can also provide a cash value component, which may earn interest over time.
What Does Life Insurance Cover?
Life insurance covers your death benefit, which your beneficiaries can submit a claim for after you pass away. This benefit can be used to pay off your mortgage, handle funeral expenses or cover lost potential income.
You can often add riders to your policy for added financial protection based on your needs. Some of the most common riders are:
- Accidental death benefit riders may provide an extra death benefit if you pass away due to an accident.
- Accelerated death benefit riders may offer a portion of your benefits before your death if you’ve been diagnosed with a terminal disease.
- Family income riders may offer your family members a regular income stream once you pass away.
- Guaranteed insurability riders may allow you to increase your coverage without undergoing a medical exam or proving your insurability.
- Waiver of premium riders may allow you to keep your policy without payment if you develop a disability and are unable to work.
How Much Does It Cost?
The cost of life insurance in Texas can vary depending on the insurer and coverage limits. The following factors may also influence your rate:
- Your age and gender
- Your medical history
- Your driving history
- Your occupation
- Your lifestyle choices (e.g. hobbies, alcohol consumption and tobacco use)
Learn More
Contact McDermett Insurance Agency to explore your life insurance options or request a quote.