Life insurance is a good way to cover end-of-life expenses and other big expenses that could become a financial burden if and when you pass away. You have options when it comes to the type of life insurance you invest in and the benefits that come with it. One of our licensed insurance agents at Jason Ridley Agency can help Colleyville, TX residents understand and explore their coverage options.
What is life insurance?
Life insurance is designed to cover the insured person’s life expenses and more, should they pass away. Many people would be left with the financial burden of paying for a burial as well as their deceased loved ones’ bills if they were to pass away. Life insurance can eliminate this burden. The insured person names beneficiaries and pays a monthly fee to maintain their coverage. You can purchase life insurance for some time or your entire life. However, when you pass away, your beneficiaries receive an agreed-upon lump sum, which can be used any way the beneficiaries see fit. This could include funeral costs, mortgages, daily bills, loans, and much more.
I am almost seventy. Is life insurance a good investment at my age?
Life insurance is an excellent financial investment at any age. However, many life insurance companies may hesitate to insure people above a certain age. Also, the cost may be higher, and the terms may differ if a life insurance company provides you with a policy. However, if you’re able to get a life insurance policy at an advanced age, the financial benefits will make it easier for your loved ones to pay for your burial and take care of any bills you may leave behind. If you have questions about life insurance, call us. We’d be happy to explore your options.
