Life Insurance Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Life Insurance Information
Life Insurance Options for the Big Spring & Lubbock, TX Areas
Life insurance is a contract between a coverage policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. There are many kinds of life policies, but they generally fall into two categories: term coverage and permanent coverage.
Term & Permanent Insurance
Term “life insurance” generally provides protection for a set period, while a permanent policy, such as whole and universal life, provides lifetime coverage. Term coverage is designed to meet temporary needs. It provides protection for a specific period (the “term”) and generally pays a benefit only if you die during the term. This type of policy often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a debt is paid off, such as your mortgage. At Pirkle Weir Insurance Agency, we offer affordable insurance options to Big Spring, TX; Lubbock, TX; and nearby areas.
Whole coverage is a type of permanent policy designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full amount will be paid. Because it is designed to last a lifetime, a permanent policy accumulates cash value and is priced for you to keep over a long period of time.