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Life Insurance Information
Life insurance can help provide crucial financial support for beneficiaries after the insured person’s death. Your agent may recommend purchasing term life insurance or permanent life insurance.
Term coverage is in force for the time stated in the policy, typically five, 10, 15, 20, 25 or 30 years. When the term is up, the policy terminates automatically. Permanent life insurance is in force if the premiums are paid as agreed until the insured person dies, regardless of age. Permanent life insurance typically includes a cash value component that may grow over time.
Contact Lone Star Insurance Agency to get help evaluating your life insurance options.
How to Utilize Life Insurance While Living
Both term and permanent life insurance policies may be written to include living benefits, which allow the policyholder to access money from the death benefit before the insured person’s death.
Depending on the type of policy (e.g., term or permanent life) and the insurance company’s rules, you may be able to secure the following riders that provide access to living benefits:
- Terminal illness riders may provide access to cash if the insured person receives a terminal diagnosis with a life expectancy of up to two years.
- Chronic illness riders may provide benefits if the insured person is diagnosed with a chronic illness preventing them from performing at least two of the six activities of daily living (ADLs).
- Long-term care riders may provide money to help pay for long-term care services if the insured person cannot perform at least two ADLs.
Permanent life insurance includes a cash value component that the policy owner may eventually be able to borrow against. Doing so typically reduces the total death benefit available to beneficiaries if the loan is unpaid at the time of the insured person’s death.
If you no longer need life insurance coverage, you may be able to cash out a permanent life insurance policy and receive the value of the savings component minus the insurer’s fees. Or, you may be able to sell a term or permanent life insurance policy to a third-party investment group for a one-time cash payment via a life settlement.
How Much Life Insurance Do I Need At 60?
Many factors may help determine how much life insurance coverage you need at 60. Your agent may discuss the following factors while helping you determine how much life insurance coverage is appropriate for your situation:
- Whether you have jointly-held debts
- Your income replacement needs
- Large debts that the family may struggle with if you pass away
While it may seem obvious that someone who financially supports dependents by working outside the home needs life insurance, it’s also crucial for an at-home parent or grandparent to have proper life insurance coverage in proportion to the economic benefits they provide to the family. In their absence, the surviving parent or grandparent may have to hire help to run the household and care for the children.
How Many Life Insurance Policies Can You Have?
No laws limit the number of life insurance policies one can have. Your agent can help you determine whether an additional policy may be right for your situation.
If you only have life insurance coverage through your job, remember that your coverage usually terminates automatically when that company no longer employs you. It’s wise to have life insurance coverage not tied to an employer.
How to Get Life Insurance
The best way to get a life insurance policy appropriate for your situation is to work with an experienced agent to understand your options. Contact Lone Star Insurance Agency in Burleson, Texas, to get personalized quotes for life insurance coverage.