Like most large cities, Fort Worth is proud of our diverse population. Regardless of your age, race, or belief system, if you die without life insurance, you are unlikely to ever need it again. But what will happen to the loved ones you leave behind? Let us help. Tinius & Associates Insurance Agency can guide you through the frustrating maze of life insurance possibilities to find a policy to protect your family’s future.

Why Life Insurance

Life insurance unfortunately numbers among the most under-purchased insurance products available. Even young singles with no children need at least a basic policy to will cover final expenses in case of an untimely death. People with mortgages need policies that will pay the bills in the event of a death. If you have young children, you absolutely need a plan in place to care for them should the worst occur. Middle-aged and older individuals need to have life insurance policies that can help if you outlive your retirement income.

Which Policy Should You Choose

As your life changes, so will your life insurance needs. In order to choose the right policy, you will need to understand the basics:

Term Life Insurance: This type of life insurance is generally a good option for newcomers to life insurance. The term has a specific end date, and you only pay premiums during the term. A set payout will be received upon death according to the conditions of the term life policy if the death occurs before the end of the term. The term length can vary from a minimum of one year up to 20 years or longer. Some term insurance policies can be converted to permanent policies after certain conditions are met.

Permanent Life Insurance: With permanent insurance, coverage does not expire as long as the premiums are current. Payout generally occurs at the time of death. However, permanent policies build value over time and can serve as an investment and an asset for use during your lifetime.

Universal Life Insurance: This is a type of permanent life insurance with a flexible premium and flexible benefit payout amount. You can decide to pay a lower premium in return for a lower payout, but the policy still builds cash value. Interest rates may adjust according to the current financial climate.

Factors to consider

While your insurance choices might seem ideal now, your insurance needs may change when you:  

• Welcome a new child into your family

• Experience a change in marital status

• Have a change in employment status

• Experience a substantial change in personal health and wellbeing

• Assume care and responsibility for an aging parent

• Take out a mortgage or refinance your home

• Become business owner

The insurance experts at Tinius & Associates Insurance Agency would be happy to assist you in finding the right life insurance products to protect your future and the future of those you love. Contact us now to learn more.

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