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Life Insurance

woman reviewing insurance policies

What to look for when reviewing your insurance.

The end of the year is a great time to review and update your various insurance policies.  Updating your coverage now ensures that you are ready for whatever the new year throws your way.  Ready to conduct an insurance review but not sure what you should look for?  Here are some of the important things to look at when looking over your personal insurance policies.

  • If You Can Increase Your Deductibles

By now, you probably know that your insurance deductibles and your premiums have an inverse relationship.  This means that the higher your deductibles, the lower your premiums will be.  Policyholders are encouraged to assume a higher deductible as a means of saving money on their coverage.  So, during your review, look at your deductibles and decide if you can afford to raise them.  Keep in mind that you should never raise your deductibles to an amount that’s higher than you can comfortably afford, as this could prevent you from accessing your insurance when you need it the most.

  • If Life Changes are Reflected in Your Policies

Another reason to conduct a year-end review is to ensure that all your insurance policies are updated and accurately reflect your circumstances.  If you moved, got a new car, had a child, or made any other major life change, then it’s important to make sure that your policies reflect these changes.  Keep in mind that if your insurance provider does not have accurate information, then they can refuse to renew your policy and can even refuse to cover a claim.

  • If All Discounts are Applied

Finally, you should conduct a year-end insurance review to check to make sure you are getting all the discounts and reduced rates that you qualify for.  Changes in your circumstances often mean that you now qualify for discounts that you did not qualify for previously.  Make sure that all your discounts are applied to your policy to save a significant amount of money during the coming year.

These are some of the important things to look at when reviewing your insurance.  Do you need help managing your insurance review?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas.  Our dedicated team is eager to assist you with all your personal insurance needs today.

elderly couple looking at their life insurance policy

What to look for in life insurance policies.

If it’s time to secure life insurance, then you may not know what you are looking for.  While your coverage needs should always take top priority, there are other features that you can benefit from having as well.  Here are some of the features you should look for in your life insurance policy.

  • Immediate Death Benefit Payout

Some companies offer a type of life insurance categorized as “simplified issue.”  Many people are attracted to this kind of life insurance because there are few questions on the application, and a medical examination is not required.  However, these plans will not pay out a full death benefit until after a two-to-three-year waiting period.  Obviously, this will cause financial problems for your loved ones you die immediately after securing the policy.  So, when choosing a policy, avoid simplified issue coverage and look for coverage that will start right away.

  • Automatic Payments

It’s a good idea to secure life insurance from a company that will set up automatic premium payments.  This way, you never risk paying your premiums late or forgetting to make a payment altogether.  When your premiums payments are automatically taken care of, you can maintain coverage and take extra responsibility off your plate.

  • Ability to Convert Your Policy

If you decide on a term life policy, make sure that you have the ability to convert your policy to a permanent one.  This way, you have the ability to secure lifelong life insurance coverage, without having to cancel your existing term life policy and wade through the insurance market all over again.

These are some of the things that you should look for when shopping for life insurance.  Are you looking for assistance with your life insurance needs?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas.  Our dedicated team is eager to assist you with all your coverage needs today.

jar of coins labelled life insurance

Why people procrastinate on their life insurance.

Many Americans put off getting life insurance as long as possible.  But why do they procrastinate on this essential coverage?  Here are some of the most common excuses that people make for putting off life insurance and why procrastinating is a bad idea.

  • They are Overwhelmed by the Options

When it comes to life insurance, the market is saturated with so many options that it can be intimidating to jump in and make a decision.  When faced with all their life insurance policy options, many people start to feel overwhelmed and simply put off the process of researching and securing coverage.  While it’s true that there is a wide variety of life insurance options to choose from, it’s important to remember that having a lot of options is actually a good thing.  The more options out there, the better your chances of finding a policy that meets your needs and your budget.  Narrowing down your policy selections is also pretty easy.  Working with an experienced life insurance provider will help you understand your various policy options and help you make an informed coverage decision.

  • They Think It’s Too Expensive

If money is tight, then the idea of purchasing life insurance may not seem like a priority.  However, stop for a moment and imagine what would happen if your loved ones were to lose your income.  If you were to pass away suddenly, and your family had no financial safety net, then things could be disastrous.  This is why it’s so important that you put aside money to pay more life insurance.  There are many affordable life insurance policy options that can work with even the tightest budgets.  So, make sure that you start shopping for your life insurance policy to ensure that your loved ones don’t face financial ruin.

  • They Have Pre-Existing Conditions

Many people do not look into life insurance because they have pre-existing conditions and assume that their coverage will be too expensive.  While pre-existing conditions do affect your rates, having a medical problem does not necessarily mean that life insurance is unaffordable.  When calculating rates for a person with a pre-existing condition, life insurance providers look at how the individual treats their condition.  If you are taking steps to manage your health issues, such as living a healthy lifestyle and taking preventative measures, then your insurer will factor this into your premiums.  The better you take care of yourself, the lower your rates will be.  So, don’t automatically assume that having a pre-existing condition makes life insurance impossible for you.

These are some of the common reasons why people put off getting life insurance.  Do you need help securing the right life insurance coverage for you?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas.  We are ready to assist you with all your coverage needs today.

close up of man vaping

Why e-cigarette usage means higher life insurance costs for you.

When you apply for life insurance, there are many factors that will influence your rates.  For instance, life insurers will take your habits into account when calculating your premiums.  This means something like e-cigarette usage will affect the cost of your coverage.  Here’s why vaping raises your life insurance rates.

  • How do e-cigarettes affect your body?

Vaping is generally considered less harmful than smoking traditional cigarettes.  However, this does not mean that e-cigarettes are safe.  Any time you inhale chemicals into your lungs, you are putting your health at risk.  For instance, vaping can have a negative effect on your cardiovascular and respiratory systems.  To make matters worse, e-cigarettes still contain nicotine, which means that they have an addictive quality that makes it difficult to stop using them. While there is a current lack of scientific evidence regarding the long-term health effects of vaping, medical professionals and insurance providers alike consider e-cigarette usage a health hazard.

  • How does e-cigarette use affect your life insurance cost?

Individuals who smoke traditional cigarettes typically have life insurance rates that are 2 to 5 times higher than non-smokers.  Because there is a lack of research regarding the impact of vaping on your health, most insurance companies lump e-cigarette users in the same risk classification as normal smokers.  As a result, e-cigarette users typically experience the same life insurance rates as traditional smokers.  While many users argue that this classification is unfair and that they are using e-cigarettes to curb their use of regular cigarettes, it is important to remember that any type of smoke inhalation is damaging to the body.  While e-cigarettes may be a safer alternative to regular cigarettes, they still can still contain over 6,000 potentially hazardous chemicals.  Naturally, life insurance providers are aware of the dangers associated with vaping, and they factor in this risk when calculating your coverage costs.

This is what you need to know about e-cigarette usage and your life insurance rates.  Do you have additional questions regarding your life insurance coverage or costs?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas.  We are ready to assist you with all your insurance needs today.

doctor typing

Try out these suggestions to prepare for your life insurance medical exam.

When you apply for life insurance, the insurance company may require you to undergo a medical examination.  While these exams are very relaxed and not something to worry about, there are some things that you should do to prepare.  Here are some of the things that you can do to get ready.

Medical Exam Preparations

  • Fast for 4-8 hours before the exam to ensure the most accurate readings.
  • Limit your salt intake and refrain from eating fatty, high-cholesterol foods 24-hours prior to the exam.
  • Avoid alcohol for at least 24-hours before the exam as alcohol consumption can increase the amount of fat in blood and liver functions.
  • Limit caffeine and nicotine in the 24-hours leading up the exam as they can increase your blood pressure and cholesterol levels.
  • Drink a glass of water one hour before the exam.
  • Get a good night’s sleep before the exam.

Questionnaire Preparations

  • Have a photo ID ready at the time of the exam.
  • Be prepared with all the names and dosages of your current medications.
  • Be ready to explain if you have a history of problems associated with giving a blood sample.
  • Prepare the names, addresses, and phone numbers of any doctors and clinics you have visited in the last five years.
  • Be ready to report your regular physical activity levels.
  • Be ready to report if you take aspirin or vitamins on a daily basis.
  • Be ready to report medical conditions such as hypertension, diabetes, urinary specimen problems, heart conditions, and so on.

These are some of the things that you can do to prepare for your life insurance medical exam.  Do you have additional questions regarding your life insurance?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas for assistance today.

Do Millennials Need Life Insurance?

Find out why millennials should consider getting life insurance.

If you are part of the younger generation, then life insurance is probably one of the last things on your mind.  However, there are some serious reasons why you should consider investing in life insurance.  Here are some of the reasons why a life insurance policy might be in your best interest.

  • It’s Cheaper

Your age and overall health are some of the factors that affect your life insurance premiums.  Generally speaking, the younger you are, the fewer major health conditions you have.  This means that getting a life insurance policy now will allow you to lock in much cheaper rates then you would be able to when you are older and in worse health.

  • Funeral Expenses

Average funeral and burial costs can range anywhere from $5,000 to $10,000.  If you do not have life insurance coverage, then the financial burden of your funeral and burial costs will fall to your family.  Getting a policy now will ensure that your family will not face financial hardship in the event of your sudden death.

  • Debt

Unfortunately, most millennials have serious student loans and other debts to attend to.  If you were to die before you could pay off your debts, they would fall to your family.  If you don’t want your loved ones to be saddled with your outstanding debts, then make sure you have a life insurance policy with a big enough benefit to address your debts.

These are some of the reasons why millennials should consider investing in life insurance.  Do you have more questions regarding your life insurance coverage?  Don’t hesitate to contact the professionals at The Schwab Agency in Colleyville, Texas.  Our dedicated team is ready to assist you with all your insurance needs.

Is Life Insurance as Asset for Those Over 50?

Find out why life insurance is still a worthwhile investment for you.

If you are over 50 and your kids have grown and you no longer have any financial obligations, then you might be wondering if it’s worth keeping your life insurance.  However, there are still reasons why your life insurance it a good investment.  Here are some things to consider before you cancel your policy.

Your Policy Provides Comfort

Life insurance is one of the only policies that is more for your loved ones than it is for you.  That’s why you need to consider your family’s needs before you decide to cancel your policy.  Your life insurance is partially in place to ease your family’s loss.  Having a policy will ensure that your loved ones will not have to personally pay for any expenses incurred by your death.  Additionally, your policy could also provide them with a means of financial stability as they mourn your death.  When you think of your life insurance as a means of comfort rather than an irritating financial obligation, then you may find that keeping your policy is still a good investment for you.

There are Other Ways to Save

If you are in a tough financial situation, cancelling your policy might seem like an attractive option.  However, there are other ways to save on your policy without completely cancelling it.  For instance, you could speak to your insurance provider and ask if you could pay reduced premiums in exchange for reduced coverage until your financial situation improves.  Additionally, if you and your spouse each have your own life insurance policies, you can save money by switching over to a joint policy.  These are both great ways to save a little money without giving up the security offered by your policy.

These are some of the reasons why you should consider keeping your life insurance.  If you have any questions regarding your policy or if you simply want to get coverage to secure your loved ones, contact the experts at The Schwab Agency.  Located in Colleyville, Texas, we are ready to assist you with all your insurance needs.

Pros and Cons of Whole Life vs. Term Life Insurance

Learn the difference between whole life and term life insurance.

If you’re looking for life insurance, then you probably know that there are whole life and term life policies.  But how do you know which policy is right for you?  Here are some pros and cons of each type of policy to help you make an informed decision.

Whole Life Insurance

Whole life insurance is essentially life insurance that never expires.  This means that, as long as you continue to pay your premiums, your beneficiaries will receive compensation when you die.  Additionally, these types of policies have a cash value component that increases (or decreases) over time.  This cash value aspect allows you to borrow against your life insurance policy.

  • Pros: In some cases, whole life insurance policies can be a good investment. Additionally, you never have to worry about your coverage expiring with these policies.
  • Cons: Whole life policies tend to be more expensive, more complicated, and more risky than term life policies. Additionally, because the cash value of your policy can actually decrease over time, they aren’t always a good financial investment.

Term Life Insurance

Term life insurance is what most people envision when they think about life insurance.  Essentially, you choose a term length (normally 10-30 years) during which you pay your premiums.  If you pass away during your term, then your insurance provider will provide compensation to your beneficiaries.  However, if you pass after your term has expired, then your insurer has no coverage obligations.

  • Pros: Term life policies are generally more affordable and easier to understand than whole life policies. Additionally, you do not have to worry about risks, hidden fees, or exclusions.
  • Cons: Your coverage has an expiration date. If you still need coverage after your term ends, you will have to shop around for a new policy.

Ultimately, choosing the right life insurance policy depends on your individual needs and circumstances.  Whether you decide on a whole life or term life policy, it’s important to have the right insurance professionals on your side.  To speak to a team you can trust, contact the experts at The Schwab Agency in Colleyville, Texas.  We are ready to assist you with all your insurance needs.

Protect Your Baby’s Future with the Right Life Insurance for New Parents

Get the right life insurance as a new parent.

As a new parent, you’re getting used to looking out for your little one. From choosing the best nap schedule to the right foods, you do your best to make the right decisions to take care of your child. However, if something should happen to you, it’s important to know that your child is taken care of. Investing in the right life insurance can provide the right financial resources to take care of your family. Check out what you need to know about life insurance as a new parent so that you can best care for your baby.

About Life Insurance.

Should something happen to you, life insurance helps to give your designated beneficiaries the financial resources that they need to get settled. From paying the bills to settling debts, life insurance offers a financial buffer to lessen the impact of a sudden loss.

Types of Life Insurance.

There are multiple types of life insurance. Each type offers different coverage options. Most commonly, you have a term and a whole life policy to choose from. A term policy offers comprehensive coverage at an affordable price. However, keep in mind that coverage only lasts for a set term. A whole life policy gives you life-long coverage. However, it tends to be more expensive.

Life Insurance for Your Needs.

It’s important that you choose a life insurance policy that fits your needs. Calculate how much your family needs in coverage using your savings and income, and your debts and expenditures. Then find the policy that gives you the best coverage based on your needs.

Discover what you need to know about life insurance for new parents. Invest in the right policy so that you can best protect your family. For all your insurance needs, contact the professionals at The Schwab Agency, located in Colleyville, Texas.

Buying the Right Life Insurance Policy for Your Family

Learn about buying life insurance, so you get the best policy possible.

Life insurance is a key component when it comes to planning for your family’s future. You need the right life insurance coverage so that you can protect your family from financial hardship even after you’re gone. However, it’s important to be smart about the life insurance buying process. Check out what you need to know about buying life insurance with these tips.

Calculate Your Needs.

Life insurance can be a big financial help to your family after you’re gone. It helps to give your family the tools that they need to pay the bills. However, it’s important to get your coverage just right. Too little insurance can leave your family hurting, and too much coverage can impact your quality of life. Calculate how much coverage that your family would need by looking at your income, expenditures, debts, and savings. Once you calculate how much you need, you’re able to choose a policy accordingly.

Choose a Policy Type.

When it comes to your life insurance, there are a lot of different policies. All these policies come with their pros and cons. Weigh the costs and benefits of these policies so that you’re best able to choose the right one for your needs. Whether you’re choosing a whole life or a term life policy, ensure that you read all the fine print so that you get the right one for your needs.

Designate Your Beneficiaries Properly.

When investing in a life insurance policy, it’s important that you choose the right beneficiaries. You need at least two beneficiaries so that should something happen to one, the other beneficiary has access to the benefits. Be as descriptive as possible when it comes to designating your beneficiary and include the most up-to-date contact information.

Be smart about buying the right life insurance to protect your family. Get the right policy at the right price. For all your insurance needs, contact the professionals at The Schwab Agency, located in Colleyville, Texas.