Credit Life Insurance
Planning for the future can be exciting, but when it comes to life’s uncertainties, protecting the livelihood of our loved ones is always top of mind. Considering life insurance is a difficult subject, but one that we at Texas Farm Credit take seriously and approach for you with compassion and understanding.
With each loan product offer, we also offer credit life insurance policies, designed to cover a member’s outstanding loan amount if something were to happen to them. Credit life insurance is especially relevant for loans that carry larger amounts or longer terms. Sometimes your existing life insurance policy is enough to cover such debt, but if not, credit life insurance is worth discussing when taking on new debt.
Get An Insurance Quote
Our insurance specialists understand the specifics of ag operations and rural life. Connect with a Texas Farm Credit insurance expert near you to learn how you can protect against risks to your way of life.
Life Insurance Options
Through FCS LifeExpress, we offer policies customized to meet your individual needs. These insurance products can be used to cover a loan, secure comprehensive coverage for your family, estate, or business while providing a smooth farm transition.
- Term Life
- Whole Life Insurance
- Fixed Universal Life Insurance
- Survivorship Life
Benefits Of Choosing The Right TFC Life Insurance Policy
- Replace future income
- Reduce or pay off debt
- Avoid family or business financial interruptions
- Provide for educational needs
- Preserve the equity in your business/estate
- Transition assets
- Bring peace of mind
Texas Term Life Insurance
Life is unpredictable, and nothing is without risk. At Texas Farm Credit, we want to help bring you peace of mind by ensuring that the future of your family or business is secure.
Answering Your Term Life Insurance Questions
Planning for uncertainty is a challenge in itself, but our insurance specialists are here to help you make well-informed decisions regarding your term life insurance options. Here are some of their answers to the most commonly asked questions they receive.
Term life insurance provides coverage for a certain period of time, called a specified “term.” If the insured person dies during this term, then the stated death benefit will be paid to the insured’s beneficiaries.
How term life insurance works is through a contract between the owner of the policy and the insurance company. Term life insurance policies typically last 10, 15, or 20 years and premiums are based on the owner’s age, health, and life expectancy. The owner of the policy agrees to pay a premium for the stated term and the insurance company agrees to pay the owner’s beneficiaries a stated cash amount if the owner dies within the policy’s term.
When a term life insurance policy ends, generally the policy expires and requires no more action from the policy holder. There is no more policy benefit and the owner of the policy can stop paying the premiums. Some providers offer the option to buy a new term life insurance policy or convert it to permanent life insurance.
The average cost of life insurance in Texas is $53 per month or $636 annually. Life insurance premiums vary based on sex, age, health, life expectancy, and the value of the policy.
Whole life insurance provides lifelong protection while term life insurance only provides coverage for a set period of time. Term life is simple and more affordable than whole life, but only provides a limited term of coverage. Whole life comes with a cash value that grows over time.