Life Insurance

Life Insurance Solutions

Having a life insurance policy is peace of mind that your loved ones won’t feel burdened with expenses after your death. Life Insurance is a legally binding contract between an insurance company and a policy holder that states that a sum of money or a benefit will be paid to a designated beneficiary upon the insured’s death. There are other stipulations that can be applied to these policies including if the payment is in one lump sum or distributed over time in equal parts.
West Texas Insurance Exchange, Inc is proud to serve clients in MidlandOdessaSan AngeloAndrewsMonahansHobbsSeminoleFort StocktonSweetwaterSnyder & throughout the surrounding areas. Schedule a consultation with our insurance experts today!

Types of Life Insurance Policies

Life insurance can either be temporary or permanent. Temporary insurance is more commonly called term insurance, and policies are issued for a specific number of years, often from 5 to 30. Permanent insurance covers you for your entire life or up to a certain age, usually 100-years-old.

Term life insurance – Term life insurance offers protection for a set period of time. The term can be for one year, or anywhere from five to 30 years or longer. Term life policies pay a lump sum to your beneficiaries if you die during the policy’s term. The policy ends at the end of the term, unless you pay to extend it. Premiums stay the same for the entire term.

Permanent life insurance – Permanent life insurance lets you build savings over time. You can withdraw from, invest, or borrow against this savings. You can also use it to pay premiums .A portion of each of your premiums is put into an account, known as the cash value which grows at either a fixed or variable interest rate. Premiums for permanent life insurance are higher than for term life  because of the savings feature and because you’re buying coverage for a longer period.
The two most common types of permanent life insurance are whole-life insurance and universal life insurance.  Whole-life insurance stays in effect for your entire life unless you cash the policy in or stop paying premiums. Universal life insurance stays in effect until the maturity date, which is usually age  100, as long as you have $1 or more in cash value. At the maturity date, coverage ends and you get the cash value.

Choosing a Life Insurance Policy

There are a variety of policies to choose from when it comes to life insurance. Most common are protection policies, also known as term insurance and investment policies. Investment policies are designed to facilitate growth of capital. This type of life insurance is commonly referred to whole life, universal life and variable life policies. To learn more, reach out to our agents today. West Texas Insurance Exchange is your premier resource for life insurance in MidlandOdessaSan AngeloSweetwaterSnyder, TX and the surrounding communities.

Contact our Team to Access Modern Life Insurance Options

Serving Andrews, Fort Stockton, Hobbs, Midland, Monahans, Odessa, San Angelo, Seminole, Snyder & Sweetwater, TX 
To find out more information, contact West Texas Insurance Exchange. We proudly serve residents in AndrewsMonahansHobbsSeminoleFort Stockton, TX and beyond. Our experienced team is here to help you find the right the policy that is right for you and your family.