John Montoya

Life Insurance 101: How to Choose the Right Policy for Your Family in Wichita Falls

Life insurance is one of the most important — and often overlooked — parts of financial planning. While no one likes to think about “what if,” preparing for the unexpected is the best way to protect the people who depend on you.

For families in Wichita Falls, life insurance can mean the difference between financial stability and financial hardship after the loss of a loved one. The right policy can cover daily living expenses, pay off debts, cover funeral costs, and even fund long-term goals like college tuition.

Yet many people either don’t have life insurance or don’t have enough. In this guide, we’ll walk through the essentials:

  • The types of life insurance (term vs whole life).
  • How to calculate how much coverage you really need.
  • Common myths and mistakes to avoid.
  • Why working with an independent agency like Montoya Insurance Group, LLC makes the process easier.

Why Life Insurance Matters in Wichita Falls

Every family faces risks, but local challenges make life insurance especially valuable:

  • Rising living costs mean families need financial security if income is lost.
  • Many employers offer group life insurance, but coverage amounts are usually low.
  • Unexpected accidents, health conditions, and severe weather risks in North Texas can leave families vulnerable.

Life insurance isn’t about replacing a person — it’s about protecting their family’s future.

Term Life vs Whole Life Insurance

One of the most common questions we hear is: “Should I get term life or whole life insurance?” Here’s how to decide:

Term Life Insurance

  • Covers you for a specific period (10, 20, or 30 years).
  • Typically much more affordable than whole life.
  • Ideal for young families, mortgage protection, or income replacement during working years.
  • Example: A 30-year-old parent might buy a 20-year policy to ensure coverage until kids are financially independent.

Whole Life Insurance

  • Provides lifetime coverage.
  • Premiums are higher, but the policy builds cash value that can be borrowed against or withdrawn.
  • Works well for estate planning, wealth transfer, or families who want guaranteed coverage no matter when death occurs.

Which one is right for you? Many families choose a combination — affordable term coverage for immediate needs, plus a small whole life policy for long-term security.

How Much Life Insurance Do You Need?

A common rule of thumb is 10x your annual income. But real life is more complex.

Here are the key factors to consider:

  • Debts: Mortgage, car loans, student loans.
  • Living Expenses: Food, utilities, healthcare, childcare.
  • Future Goals: College tuition for kids, retirement savings for a spouse.
  • Final Expenses: Funeral costs in Texas often exceed $8,000.

Example Calculation

If you earn $60,000 per year, carry a $150,000 mortgage, and want to cover 10 years of living expenses for your family, you might need at least $750,000–$1 million in coverage.

Working with an agent helps refine this number based on your family’s unique needs.

Common Life Insurance Myths

Myth #1: “I don’t need life insurance if I’m young and healthy.”
Reality: The younger and healthier you are, the cheaper your premiums. Waiting until later can make coverage more expensive — or harder to qualify for.

Myth #2: “I have life insurance through my job, so I’m covered.”
Reality: Employer-provided coverage is usually only 1–2 times your salary — far less than most families need. Plus, it usually ends if you leave your job.

Myth #3: “Stay-at-home parents don’t need life insurance.”
Reality: If a stay-at-home parent passes away, their contributions (childcare, household management, etc.) would be costly to replace. Life insurance ensures those needs are covered.

Myth #4: “Life insurance is too expensive.”
Reality: Term life insurance can be surprisingly affordable — often costing less than your monthly streaming subscriptions.

Mistakes to Avoid When Buying Life Insurance

  • Underestimating coverage needs. Too little coverage can leave your family short.
  • Choosing the cheapest option without guidance. Some “quick quote” policies online exclude important protections.
  • Not reviewing your policy as life changes. Marriage, kids, or new debts should trigger a coverage update.
  • Naming the wrong beneficiary. Always double-check beneficiary designations to avoid legal complications later.

Who Needs Life Insurance in Wichita Falls?

Life insurance isn’t just for parents — it can benefit many groups:

  • Young Families: Protects income and provides financial stability.
  • Homeowners: Covers mortgage payments if the primary earner passes away.
  • Business Owners: Provides buy-sell funding or key-person protection.
  • Single Adults: Covers debts and funeral expenses, protecting family members.
  • Empty Nesters: Ensures surviving spouses maintain financial security.

FAQs – Life Insurance in Wichita Falls

Q: Is life insurance required by law?
A: No. Life insurance is optional, but it’s highly recommended to protect your family’s financial future.

Q: How long does it take to get life insurance?
A: Many policies can be approved within a week, though some require a medical exam and may take longer.

Q: Can I get life insurance if I have health issues?
A: Yes. Options like simplified issue or guaranteed issue policies are available, though premiums may be higher.

Q: Can I bundle life insurance with other coverage?
A: Some carriers offer multi-policy discounts when you combine life with home or auto insurance.

Why Work with Montoya Insurance Group?

Choosing life insurance can feel overwhelming. At Montoya Insurance Group, LLC, we simplify the process by:

  • Comparing multiple top-rated carriers.
  • Offering both term and whole life policies.
  • Providing personalized guidance based on your family’s goals.
  • Delivering bilingual service and ongoing support.

We don’t push one-size-fits-all policies. Instead, we help you find coverage that makes sense for today — and for the future.

Life insurance isn’t about fear. It’s about love, responsibility, and planning ahead. The right policy ensures that your family is cared for financially, even when you can’t be there.

Don’t wait until it’s too late to secure peace of mind. Montoya Insurance Group, LLC is here to help families in Wichita Falls find affordable, reliable coverage that fits their lives.