How Life Insurance Works
Risk management involves identifying potential financial risks and putting strategies in place to manage those risks. Our holistic risk management approach is designed to protect you and the ones you love most in times of uncertainty.
At Texas Wealth Partners, we are mothers and fathers with families of our own, and we are passionate about the protection that insurance offers. Our planning process may include:
- Health care and incapacity planning
- Disability needs analysis
- Review of existing insurance coverage
- Liability insurance analysis
- Creditor protection strategies
- Insurance trust strategies
How much life insurance do I actually need?
Life insurance needs vary based on your income, financial status and obligation, number of dependents, and long-term goals. It is not a "purchase and forget it" method and should be reviewed as often as circumstances change.
I have group insurance at work. Isn't that enough?
It depends. Often, group insurance is not portable - it can't be taken with you when you retire. If you still require life insurance through retirement, it is better to set those policies up before they're necessary.
What's the difference between term and whole life?
Term life insurance is "use it or lose it." You are protected throughout the term, but not for any additional time, and it does not build up a cash value as you pay a premium like whole life. Whole life insurance provides permanent coverage that lasts your entire lifetime.