Insurance Agency

Like any other state, life in Texas comes with the usual financial uncertainties. It’s the primary reason why you should think about life insurance in Southlake, TX. However, as your financial needs and obligations evolve through different stages of life, so do your life insurance requirements.

Which life insurance policy is most appropriate for your current phase of life? Keep reading to learn more.

College Phase

Term life insurance is the right type of coverage for an individual with college debt. It can also protect a parent who cosigns a student loan since they’ll automatically assume the debt obligation should something unfortunate happen to the student. If you’re pursuing a degree course, consider options like a low-premium, 10-year term life policy with a $50,000 death benefit.


If your spouse depends on you financially, they can suffer if you leave behind large debts when you pass away. The best solution for you at this stage of life would be a 10, 20, or 30-year term life insurance policy. These policies usually have low premiums and a larger death benefit. Whole life insurance with growing cash value is also ideal for young couples.


Once you start a family, your life insurance coverage needs and options increase. Policies worth exploring include:

  • Juvenile whole life policy for your child’s entire life from when they’re 6-months old
  • Economy or participating whole life policies, which accumulate cash value over time
  • 10, 20, or 30-year term life policy for expectant parents

Financial Future

If you’ll still be paying off your mortgage, car loan, or student loan several years from now, you should consider getting debt protection via insurance. This way, your assets or that of your spouse’s won’t be at risk in case something unfortunate happens to you. Moreover, you can secure your family’s financial future by carrying decreasing term life insurance. Since the potential payout and the risk assumed by your insurer decrease each time you pay off your debt, you may get the coverage for a lower premium than possible with similar life insurance policies.


If you’re on employer-sponsored life insurance, you won’t be eligible for a benefit payout once you retire. This is why you should start evaluating your coverage needs as you approach retirement. Depending on your debt obligations and financial needs, you can consider life policies such as:

  • Short-term policies if you have some pending debt
  • Whole life policies if you don’t have large debts

Final Expenses

In most places, including Texas, funerals are expensive, costing as much as $12,000 in some cases. To protect your dear ones, consider getting a whole life policy with a final expense component. It’s best to begin planning for this at earlier stages of life.      

Your current stage of life is one of the most important factors to consider when searching for the “best life insurance near me.” When you engage the team at Schwab Agency, it’ll be much easier to find a policy that works for you and your family. Contact us today to get started!