Are you looking for League City TX senior life insurance? You’ve come to the right place. Texas Insurance Agency can help with any of your needs. We cater to Cinco Ranch, Fulshear, and Houston. The company also helps Fort Bend County as well. The company acts as a broker for insurance. That means we help you with other firms. Our agents have years of experience. From the owners to our managers, you’ll get help. Also, our firm has partnerships with other companies. These companies include Travelers and Hartford. If you want a free quote, visit our site.
League City TX senior life insurance
For your insurance needs, be sure to visit our offices. We have locations in both Katy and Pearland. We make sure to cover all insurance. That would be home, auto, or boat insurance. You can also expect help with business insurance. In fact, we can help out with the business. There are different coverage plans we have experience in. That would be a liability to the business owner’s policy. You can expect help on property insurance as well. Our firm covers commercial property insurance in that regard. In addition, we handle floods and life insurance.
Senior Life Insurance
Senior life insurance is insurance for older people. An age range would be the 60s to 80s. This insurance helps those that can’t get the other insurance. The other insurance could be any other type of life insurance. The good thing is you don’t need a medical exam. For other life insurance, insurers require one. From time to time, it varies. In addition, senior life insurance is also known as final expenses life insurance. Furthermore, final expenses deal with funeral costs. Also, it helps with any debts you may have. Furthermore, you can also expect small amount payments.
In certain situations, this insurance can help a lot. It can help with medical bills. And it can help with your mortgage or college education for relatives. But for the most part, it deals with death benefits. The death benefit will be tax-free and covers what’s needed. This can be from the funeral to any other expenses. Additionally, those expenses could be hospital bills or job-related. However, senior life insurance is a broad topic. There are other insurance options. These include whole life, variable life, and universal life insurance.
Whole Life Insurance
Whole life insurance is different from other plans. This coverage provides a death benefit for the rest of your life. Also, it accumulates in cash value. The plan stays intact as long as you pay. In addition, the rates stay the same for the rest of your life, too. This plan makes sense for some people. Moreover, some people may want to leave money to a beneficiary. On the other hand, they may want to use the policy loan option. In addition, they may want to decrease estate taxes.
However, rates are more expensive than term life insurance. Along with the increase in cash, you can take policy loans. You can also take withdrawals whenever you want. However, there are underwriting guidelines. Underwriters are financial institutions that take on financial liability. That could be banks or investment houses. So, for instance, the cutoff age is 75-80 years old. That would be for the whole life insurance. That’s one requirement. The other requirement is your health and age—both of those factors into whether you qualify.
Variable Life Insurance
Variable life insurance combines investment and life insurance. For your account, you have an advisory services fee. This helps reduce the premium cost for the deposit. From there, you can invest the money into an option per the policyholder. The investment options involve mutual funds. Interest comes into play from the insurance companies. That applies when you, the holder, deposit a part of the premium into an account. A guaranteed minimum is provided.
The death benefit is based on the face amount the holder selects. This is at the time of purchase. Usually, the death benefit includes the face amount and cash value of the account. In addition, it could also be the net worth of the premium payments. Elsewhere, there is a benefit to policy loans. You don’t have to pay federal taxes. And it doesn’t incur surrender charges. However, loans reduce the cash value of the policy. This also affects the death benefit. Loans can also cause the policy to lapse. This, in turn, can cause your tax benefits to go away for your League City TX senior life insurance.
Universal Life Insurance
Universal life insurance lasts a lifetime. However, not many seniors get this insurance. Universal life is seen as permanent life insurance. Additionally, it does have a cash value component. The cash value links to the policy’s investment performance. Furthermore, it gives you the ability to take policy loans. These loans would be against the cash value of the policy. The insurance policy is also flexible. However, payments must be made to cover the cost.
However, your additional payments can be made to the savings component. It’s also crucial to understand there’s no guarantee of investment earnings. Also, everything depends on the policy’s performance. That means premiums may increase to maintain the policy. So, in effect, you can’t rely on stable monthly premiums. Furthermore, the death benefit is adjustable. And lastly, the underwriting guidelines are the same as term life. Term life is life insurance for a specific time. In the end, there are risks with universal life insurance. That can apply to your League City TX senior life insurance.
Cost of Insurance
The cost of insurance varies. What’s a factor is your age and health. For some insurance, you can expect $20 to $75. However, over time, your cost could be greater. It can be anywhere from $700 to over $2,000. There are many providers to choose from. Places like Gerber or Globe Life have affordable prices. At Texas Insurance Agency, we can get you the best prices and quotes.
Make an appointment!
Feel free to make an appointment at one of our locations. As an independent agency, you won’t have to worry about our commitment to you. We always make sure to serve the clients and not the insurance providers. That goes a long way for your League City TX senior life insurance!
Fun Facts about League City, TX
- Karankawa Indians were the first settlers in the city.
- The University of Houston-Clear Lake is in the city.
The city is a boating anchorage.
- Yacht Club Marina is a popular waterside resort in the city.
- To learn more about League City, go to the city website.