Written by Ben Cox – As we age, we begin to think about things we wish we had done differently as younger people. Decisions, life choices, career moves, and so forth. One regret many Texas insurance agents are hoping to help their customers avoid is a lack of life insurance.
More Texans on average are uninsured than the rest of the nation. And close to 30 percent of the state’s population, or more than 1 in five, are without life insurance.
Matt Williams, an agent with State Farm in Brownwood, says life insurance is not expensive to purchase, especially when weighed against the costs of not having it. “You take the average family in Brownwood; mom, dad and two kids. You think about what would happen if mom or dad didn’t come home. Its horrible, but then you think about losing an income.”
Williams says the pain of a loss in the family is compacted by the financial burdens the family then faces. “You could lose the house, you could lose the car that’s not paid for, and it can snowball. For just a few dollars a month you can have the peace of mind of knowing your family can be taken care of.”
Katy Kuhl, a Brownwood agent with Texas Farm Bureau, says there are many misconceptions when it comes to life insurance. “A lot of people think they have life insurance when they really have accidental death insurance or on the job death insurance, and the other one is that it costs too much.”
Accidental death, or on the job death insurance is very specific in what it covers. “If you die on the job or if you die on say a company picnic you’re covered, but not if you pass away while you’re on vacation or going to your mom’s house on Saturday” according to Kuhl.
Confusion on how much insurance to have in place is easily remedied, according to Williams. “Plan for five times your salary, plus all your debts.”
Williams also addressed the high cost misconception. “Usually you can get five times your salary for two percent of your salary.”
These types of insurance can best be explained by a local agent, as rates and plans vary company to company, and are affected by age and other factors. The agents featured in this article can be reached through their websites, Katy Kuhl with Texas Farm Bureau, and Matt Williams with State Farm.
