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.

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. 

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.