Life insurance is a vital part in planning for your future. There are several life insurance policies that provide benefits while you are living and can fulfill promises made to your family if you are no longer around.  At Pierson & Fendley, we take the time to understand the individual life insurance needs of our customers in DeKalb, New Boston and all of Bowie County Texas. 

Do I Need Life Insurance?

Your life insurance needs depend on your own personal and financial needs. Everyone is different. We can help you evaluate what type and amount of life insurance is needed to protect your family and your future. 

Typically, you should consider life insurance if:

• You have a spouse
• You have dependent children
• You have an aging parent or a physically challenged relative who depends on you for support
• Your retirement savings are not enough to insure your spouse's future against a rising cost of living
• You have a sizable estate
• You own a business

Types of Life Insurance

Term life insurance provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It's generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.

Whole life insurance is a form of permanent life insurance that remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.

Universal life insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

Life Insurance Benefits

Having the right life insurance gives you peace of mind when planning for your present and your future. Many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living and provide assurance for your family after you are gone.

Life Insurance Death Benefit - When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Living Benefits - The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.

The right life insurance coverage for each and every one of our customers in Texas is different. Talk with the Pierson & Fendley team today to find out how to protect your family and your future with the right life insurance. Serving all of Red River County and Bowie County including DeKalb, Avery, New Boston, Texarkana and all of Texas.

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