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If you are searching for Houston TX senior life insurance policies, don’t hesitate to contact the experts at Best Life Insurance Houston Agency. There are many factors that go into choosing the right insurance policy, so make sure you know which one is the right one for you. Reach out to us or visit our location in Houston!
Why Houston TX Senior Life Insurance?
Having life insurance is preparing for the future. No one wants to leave their family unprepared in the face of life’s eventuality. Life insurance will make sure that your family will be financially secure and give them the space to grieve.
It can replace any lost income, pay off remaining debts, offer an emergency fund, or even help pay your children’s education. Having life insurance is a good way to stay prepared.
Where Do We Start?
Now, the question is where to start when looking for life insurance for seniors. There are several points to hit when searching for the right plan for you and your family. How much coverage do you need? What kind of life insurance policy should you get?
What kind of policy best fits you and your family’s needs? How much can you afford? You might need to answer several questions, but you can start by reviewing your own financial situation.
Do you have a spouse, children, or any other dependents that rely on you financially? Do you have any large bills such as mortgages or car payments that still need to be paid? If so, you should consider a policy that will protect them from both foreseen and unforeseen costs. If not, and you consider your dependents adequately cared for, life insurance might still be worth it since your family may need to pay estate taxes, end-of-life medical bills, and burial costs.
Determining how much you need depends on a multitude of personal factors. Marital status, the size of your family, any debts, and your end-of-life goals are just some of what you should think about.
Don’t forget to include some other costs as well, such as funeral expenses, debt repayment (mortgage, car loans, or credit card debt), and any medical expenses associated with your passing. Maybe you want to leave a financial gift for your family or give it to charity. Your needs may change as time passes, so don’t forget to review them periodically to make sure your chosen insurance policy meets your financial needs.
Find The Right Insurance For You!
There are several major types of Houston TX senior life insurance policies, with term life, whole life, universal life, and guaranteed issue policies being just some of them. Regardless of which one you’re thinking of, two things need to be kept in mind: your age and budget.
Term Life Insurance
Term life insurance pays benefits only if death occurs during the term of the policy. Depending on the policy, that could range from one to 30 years. Most term life policies don’t offer any additional benefits.
They usually come in two types: level-term or decreasing-term. Level-term policies’ benefits remain the same throughout the duration of the policy. Decreasing-term policies’ benefits usually diminish through the length of the policy.
Whole Life Insurance
Whole life insurance, or permanent life insurance, pays benefits regardless of when death occurs as long as the policy is still active. They’re designed to protect your family by locking in benefits that can pay for any end-of-life expenses. Most whole life insurance policies last the policyholder’s lifetime, and some even accumulate cash value on a tax-deferred basis.
Consider whole life insurance if you have a tight budget or need a premium that won’t increase over time. You might need it because you need coverage for the burial, funeral, and other final expenses.
You may even want to choose whole life insurance to supplement any other coverage you already have. Most whole life insurance for seniors will give coverage without requiring a medical exam. At most, it’ll only ask a few cursory health questions on the application.
Universal Life Insurance
Universal life insurance is another type of permanent life insurance. Like some whole life policies, you can accumulate cash value on a tax-deferred basis. However, universal life policies are flexible compared to whole life insurance because you can adjust the premium and death benefits.
Consider universal life insurance if you need coverage to protect your family from any financial consequences after your death. Or perhaps you’ve maxed out your IRA or 401(k), and you need additional options to save for retirement. With universal life insurance, you have tax-free death benefits and income tax-free policy loans and withdrawals.
Guaranteed Issue Insurance
Guaranteed issue insurance is considered a last resort option. This policy offers smaller payout amounts on death benefits compared to other insurance policies. This is because this policy is more about paying for any final expenses, such as funeral and burial costs. Most that apply for this policy are in poor health and have been denied by other types of coverage.
A few things that might deny you from other types of coverage are that you have a terminal illness, have cancer, live in a hospice, are on dialysis, have Alzheimer’s, have been diagnosed with HIV, is in a wheelchair, or some other health-related reasons. However, none of those reasons will bar you from applying for guaranteed issue insurance.
Because of the automatic acceptance of this policy, you might have to pay a higher rate than other insurance policies. It also has a waiting period before the policy will go into effect. The exact waiting period will depend on the company, but typically it’ll be around two years.
If you die before the policy activates in the worst-case scenario, your beneficiaries won’t receive the death benefits. However, they’ll be repaid any of your already paid insurance premiums with a bit of interest.
Deciding On An Insurance Policy
After considering your situation and before making a decision, you should sit down with an agent. The expert team at Best Life Insurance Houston Agency will be sure to lay out all of your available options for you. There are many Houston TX senior life insurance policies to choose from, and you want to make sure you choose the right one for you.
Houston, TX Fun Facts:
- Houston’s total area can contain San Francisco, New York City, and Boston all at the same time.
- The Port of Houston offers free 90-minute cruises aboard the M/V Sam Houston.
- Houston has a downtown tunnel system spanning 7 miles and connecting 95 city blocks.
- For more information, check out the official website.