What to Know About Burial Life Insurance

Burial life insurance doesn’t offer the same benefits as a regular life insurance policy. However, if you are getting on in years and have a limited income, this form of insurance may be just what you need. 

What’s Covered by Burial Life Insurance?

As the name implies, the main purpose of a burial insurance policy is to cover funeral costs. This form of insurance can compensate your beneficiaries for expenses such as a burial plot, headstone, body transportation to and from a burial plot, flowers, cremation, and urn services. Furthermore, burial life insurance can cover debts you left after your passing. These include credit card bills, legal service bills, medical bills, and outstanding debts such as a car or mortgage payments. 

If you die within two or three years of buying the policy, your beneficiaries will only get a refund for your paid premiums, plus a bit extra. However, if you die once the policy comes into effect or are killed in an accident, your loved ones will get full benefits. Residents of Tyler, TX should read a policy carefully to know what’s covered and when coverage starts. 

Get Expert Insurance Advice from EasTex Insurance

EasTex Insurance has served Tyler, TX, residents for over forty years. We can help you explore your policy options, understand the pros and cons of each one, and pick the forms of coverage that will best meet your and your family’s needs. Get in touch with us today to start the process of selecting an insurance policy that will provide your loved ones with the financial help they need and deserve when you pass on from this life.

Do You Need to Change Your Beneficiaries?

You caught your spouse in a passionate embrace with your brother. Your son lost a fortune betting on the ponies. Your daughter eloped with a guy named Snakes. Your sister’s chili tasted like bitter almonds. Your parents made the mistake of eating that chili. If any of that happens, it’s time to change the beneficiaries on your life insurance! But how? 

When to Change the Beneficiary 

It isn’t just the catastrophes mentioned above that might prompt you to change the beneficiaries on your life insurance. A new marriage means a new person to acquire life insurance. If this new marriage comes with stepchildren, or you have your own or adopt, they can also be listed as beneficiaries. Once a minor beneficiary turns 18, some changes might have to be made. If you move out of state or country, you may have to make a few changes to your life insurance to suit local laws. In any case, you must keep all the info regarding your beneficiaries updated to make sure that benefits are paid according to your wishes. 

How to Do It 

It’s pretty easy. All you have to do is call your agent and tell them you want to change the beneficiary. You can do this at any time. Your agent will walk you through the form you need to fill out. It may be done online. Remember that if you name a minor as a beneficiary, you will have to call an adult to handle it for them. 

Life Insurance from EasTex Insurance Serving Tyler, TX

If you need life insurance and live in the Tyler, TX area, call EasTex Insurance today. Our friendly and knowledgeable agents will help you get what you want. 

Three Benefits of Getting Life Insurance in your 20s

Life insurance is important when you become older or have family members who depend on your income. However, when you’re only in your 20s, you may think you don’t need to have one. But that couldn’t be further from the truth. There are plenty of benefits to obtaining life insurance in your younger years. Our agents at EasTex Insurance, serving Tyler, TX, could show you these benefits.

Premiums are Inexpensive

If you’re a young adult with no preexisting conditions and in good health, your life insurance monthly premiums are usually cheaper. It could be a wise financial decision for a young adult to purchase one. Getting life insurance early could help you cover some large debts, such as student loans, even if you’re not planning on starting a family.

Cash Value can be Used.

When you purchase a whole life insurance policy, accumulating cash value can be used while you are alive. This compounds over time as dividends are created. You can also borrow against this money. It makes more sense to obtain whole life insurance when doing this.

Easy Chance of Coverage Approval

Getting life insurance in your 20s allows you to get approved more easily than if you were older. You’ll unlikely have health problems or other contributing factors preventing you from getting approved. According to LIMRA, an insurance industry research center, the number of people under 25 who have purchased life insurance has increased significantly in 2020. No matter how young you are, having life insurance gives you peace of mind.

Life insurance in your 20s gives you cheaper monthly premiums, accumulating cash value that can be used while you’re still alive, and an easier chance of coverage approval. If you want to find the right policy, contact our EasTex Insurance agents today.

When is the best time to buy life insurance?

If the truth be told, there isn’t a bad time to buy life insurance. But, some times are more obviously good than others. At EasTex Insurance in Tyler, TX, we will review your life insurance coverage and help you to determine if you have the right coverage for your needs. As independent insurance agents, we can offer more choices and better value. 

When you change jobs

Chances are, you get life insurance as a part of your benefits package at work. While that is a great perk, it is not necessarily adequate for your life insurance needs. When you change your job, you need to determine if you will be able to take your life insurance with you to your new job. Even if you can, it may not be the best value for your money. It is the perfect opportunity to look at what you have and determine if it is enough. 

When you get married

When you get married, you will probably be contacting your insurance carrier to make a change in beneficiary on your life insurance. This is the perfect time to discuss whether your coverage meets your current needs. If you have purchased a home, this does change your needs considerably. 

When you have children

Children change everything. They are a long-term commitment and require a much larger amount of life insurance to make sure that they are taken care of if you are no longer there to provide for them. Determining how much the correct amount is can be difficult. It would be best if you considered your income, the age of the children, and how many years that support must last. This is different for each person. 

Contact EasTex Insurance in Tyler, TX to get your life insurance reviewed and answer any questions you may have. 

Choosing a Life Insurance Policy in Tyler, TX

When choosing a life insurance policy in Tyler, TX, there are many things to consider. What type of policy is best for you and your family? How much coverage do you need? What are the premiums going to be? These are all critical questions that need to be answered before deciding. Here are a few things to think about when choosing a life insurance policy.

What Are Your Needs?

The first thing to consider is what your needs are. Do you need life insurance for a specific purpose? Maybe you want to make sure your family is taken care of financially if you pass away. Maybe you need it for a business purpose. Whatever the reason, knowing why you need life insurance will help you choose the right policy. A representative from EasTex Insurance can help you determine your needs and what type of policy would be best for you.

What Are the Different Policies Available?

There are two main types of life insurance policies: term life insurance and whole life insurance.

Term life insurance

These policies are enforced for a specific period, usually 10-30 years. Term life insurance is the cheaper option and ideal for people who need life insurance for a particular purpose, like covering a mortgage or providing for a family during a child’s college education.

Whole life insurance

This type of policy doesn’t have a set timeframe and will last as long as you continue to pay the premiums. Whole life insurance policies also have a cash value component, which can be borrowed against or used to pay premiums if needed. This type of policy is more expensive but can be a good option for people who want peace of mind knowing they and their families are taken care of financially, no matter what.

 EasTex Insurance can help you determine what type of policy is best for you and your family. Call us today to get started.

Parents Need Life Insurance

Raising a child can be a costly endeavor, and it is not one you want to take risks with. Life insurance can help you avoid a lot of the financial risks involved with raising a family. EasTex Insurance, which serves Tyler, TX, understands that you have a lot of fears surrounding your children and their financial future. Here’s why you should consider life insurance as a solution.

Working & Stay-at-Home Parents Should Have Life Insurance

Life insurance is a smart option for both parents to have, whether they both work or one stays at home with the children.

Parents who provide financial support should consider insurance to avoid allowing their children to miss out on financial support. If you pay rent or the mortgage, you should consider how your family would get by if you were to pass away suddenly.

Parents who stay-at-home should also get life insurance policies. This provides financial support that can be used to cover the costs associated with daycare and babysitting.

Your Life Insurance Policy Considers Many Factors

As a parent, you need to factor in a variety of issues and expenses as you consider how much insurance you need to buy. When you buy a life insurance policy, you should consider your financial contribution to your children, the costs of education for your children in the future, and the costs of childcare should you pass away.

Check Out Your Life Insurance Options

Parents have a lot to think about when they consider the future. You have many options for life insurance. EasTex Insurance can help families in Tyler, TX determine what kind of life insurance is right for them.

5 Benefits of Life Insurance

When you purchase life insurance from EasTex Insurance of Tyler, TX, the obvious advantage is that your dependents get financial protection when you pass away. If your loved ones depend on your income when you are alive, benefits from life insurance can help cover expenses like mortgage, school fees, and other financial liabilities in your absence. As you can see, life insurance protects your dependents, but is that the only reason you should buy life insurance? The answer is no. Here are additional benefits of investing in life insurance.

Life insurance takes care of your debts.

Do you have a mortgage? Or perhaps you have a credit card or student loan? If you don’t want to bother your cosigners and loved ones with financial liabilities when you die, invest in life insurance.

Gives inner peace

You purchase home or auto insurance to protect your assets and keep your worries in check even when disaster strikes. The same is true with life insurance. While the thought of your death might be worrying, you can have peace of mind knowing that the financial needs of those you leave behind will be taken care of by life insurance.

To cover funeral expenses.

Your loved ones are going through a tough time mourning your death. It would be devastating to worry them with funeral costs that can cost upwards of $7,500, depending on your final wishes. Thankfully, life insurance can take care of your final expenses, leaving your dear ones to mourn in peace.

Life happens

Life is fickle. You are alive now, and the next minute you are gone. Accidents and certain ailments (like a heart attack) can cause sudden deaths, leaving your dependents in a financial mess. Because life is unpredictable, purchasing life insurance can cushion your family when you die suddenly.

You have a business

Life insurance protects your business partner and employees when you die by helping them buy time as they think of the next move.

Buy life insurance today in Tyler, TX.

Are you shopping for life insurance? Please contact EasTex Insurance today. Whether you are old or young, it’s never too late to purchase a life insurance plan. 

How much life insurance is enough

Life insurance is one of those things that nobody talks about. You will not go to a party and gather with a group of friends and discuss your feelings about life insurance or how much life insurance is enough. It rates right up there with taxes and religion when it comes to things that nobody really wants to talk about. Considering how important it is to a total financial plan, that isn’t a good thing. You can talk to the team at EasTex Insurance in Tyler, TX. We have the experience to help you make good choices about how much life insurance is enough.

As you get older, the chances that life insurance will cost you more rise. Whole life is a type of life insurance that allows you to save and eventually borrow from your policy if you need to. Getting some whole life when you are young is a good idea. You can lock in the low rates for the rest of your life. Life insurance is to protect the ones you care about, but when you are young, you may not have anyone who depends on your income, and it is more of a case of using it as a way to save a little every year. 

When people depend on your income to maintain their lifestyle, no matter who it is, you may want to make sure they can maintain their current way of life if you are not there to support them. Whether it is aging parents or a spouse and children, life insurance helps make sure they are taken care of. How much you need depends on how much support you provide and how long that support needs to last. 

Contact us at EasTex Insurance in Tyler, TX to discuss how you can protect your loved ones and not be insurance poor.

Do I need life insurance if I am retired?

Life insurance is part of financial planning over a lifetime for most people. When you retire, you may have decreased income and be looking for ways to lower your expenses. You may be thinking that stopping payment on your life insurance will help with your finances. While it may save you a little bit of money, it isn’t necessarily the best thing to do. Speaking to a knowledgeable agent like those at EasTex Insurance in Tyler, TX can help you to understand the implications to your overall financial health of getting rid of your life insurance policies. 

Depending on the type of life insurance policy that you have, it may have accumulated cash value. If you just stop paying your premium with a term policy, you will lose your coverage and have no money to show for. With a whole life policy, you have several options. You can cash in the policy for the accumulated cash value, or you can take a loan from the policy. With a whole life policy,  even if you stop paying, you should be able to collect on the value that you have accrued.  

Just because you have retired doesn’t mean you don’t need life insurance. If you have someone dependent on you, providing for them after you are gone is something to consider. You may also want to leave a legacy to your children, grandchildren, or even great-grandchildren. One other thing to consider is whether or not you have set aside the money to pay your final expenses. 

The answer to the question "Do I need life insurance if I am retired" is it depends on several factors. It is something you should discuss with your financial or insurance professional. Why not make an appointment to discuss it with the team at EasTex Insurance in Tyler, TX. 

Factors That Impact Your Life Insurance Quote

If you are in the market for life insurance, there are certain factors to consider that can determine costs and what kind of coverage you need. Staying in good health and looking into insurance options while still young can be reasonable steps to getting the best policy possible.

It is vital to choose a quality insurance provider when making an important decision relating to your life insurance. EasTex Insurance in Tyler, TX is knowledgeable about life insurance and can help you find the right policy for you.

Here are some factors to consider:

The impact of age

One of the top factors that can’t be denied that impacts your health insurance is age. This will determine costs and how much coverage you can get. Typically, the younger you are means you will get the best rates because you are lower risk. This is one reason not to wait until you are older to get life insurance.

Gender can determine rates

Gender still impacts the cost of life insurance. Statistically, men have shorter lives, so there is a higher premium due to the risk of death being higher. This may change, but it has become the standard determining factor in nearly all states for differences in pricing.

Personal health

This plays a big part in determining the pricing and types of policies available. Your health history undoubtedly will come up when applying for insurance. If you have persistent medical conditions and a record of poor health, you might wind up paying more for coverage. Factors like tobacco usage or other detrimental conditions will increase insurance costs.

If you are in Texas and need quality life insurance, contact EasTex Insurance in Tyler, TX today to speak with an agent. We are here to help you get the best policy for your insurance needs.