Texas Life Insurance
According to the Texas Department of Insurance (TDI), the top five life insurance agencies are based on the amount of premiums written. Topping the charts is Metropolitan Life Insurance Company. It has written over 741.5 million premiums, which is 8.68% of the market. Second is The Northwestern Mutual Life Insurance Company; it has written over 353 million premiums or 4.13% of the market. The Prudential Insurance Company of America is third with over 341 million premiums written, which is 4% of the market and fourth is Pacific Life Insurance Company with over 263 million premiums written or 3.09% of the market. Last is State Farm Life Insurance Company with over 252 written premiums for 2.96% of the market.
Finding Texas Life Insurance
There are tons of different life insurance agencies to choose from in the state of Texas, so finding someone to offer you coverage shouldn't be a problem. You may find that locating the right policy may be a bit more difficult. First, you will need to consider how long you would like to have coverage; do you need something that has cash accumulation and how much will you need?
With term life insurance, you can purchase coverage for 5, 10, 20 or 30 years. Then you can convert your policy to permanent life insurance anytime (with most companies). There isn't cash accumulation, but you do receive lower premiums for the term policy. With permanent life insurance, also known as whole life insurance, there are higher premium rates and cash value accumulation. The reason why some individuals go with term life insurance is because they feel the need to secure their dependents during a certain period of time. Others rely on this coverage until they are able to afford a whole life insurance plan.