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Life insurance provides financial protection for your beneficiaries in the event of your death. A policy may help cover funeral expenses, replace lost income, pay debts, or support long-term financial planning goals.
This guide explains how life insurance works, the differences between policy types, how costs are determined, and what Texas consumers should understand before selecting coverage.
Provides coverage for a specified period, such as 10, 20, or 30 years. If the insured person dies during the term, beneficiaries receive the death benefit. Term policies generally do not build cash value.
Provides lifetime coverage and may include a cash value component that grows over time. Permanent policies may be used for estate planning or long-term financial strategies.
Understanding the structural differences between term and permanent coverage is important when evaluating your goals.
