Buying Life Insurance for Parents Over 60

Buying life insurance for parents over 60 isn’t difficult, but there are some things to keep in mind. First, life insurance gets a little more complicated when the owner and the insured are not the same person. The policy will require two signatures (one from you and one from your parent). Some companies that ordinarily allow phone sales don’t allow them when the owner and insured are not the same person (you have to meet the agent in person). The complications are worth it, however, because you will receive all policy notices as the owner. This means you’ll be the first to know if there are any payment disruptions.

You can also be the payor. Parents put off buying life insurance because they think its unaffordable, not because they don’t believe in it. The last thing parents want to do is leave a financial burden to their children. You being the payor solves the problem of affordability.

When selecting a plan, you need to find the right agent. Agents that only represent one company (also known as captive agents) usually sell overpriced policies. Agents that represent multiple companies are more objective. They normally just want to give you the best deal with the multiple companies they represent. Get your whole life insurance instant quote.

The Power of Life Insurance

Some people may view life insurance as a mundane financial instrument to reduce risk. Viewing life insurance in such mechanical terms might last for a short time. However, any agent in the business for a while will witness the power of life insurance.

The power of life insurance can take many forms. Nearly all of my clients stand up a little straighter after buying a policy, as if a weight lifted off their shoulders. A few have claimed divine intervention brought me to them so they could be helped with life insurance. I imagine that agents selling over the phone miss out on this emotional experience. That experience, for me, is one of the most rewarding aspects of being an agent.

Agents who are only in it for the money usually don’t last long. Being an insurance agent is a labor of love, and that love drives me through the tough times when business is slow.

Searching for Houston Life Insurance

People often don’t know where to start when searching for Houston life insurance. Should you start your search in a brick and mortar life insurance office, or should you start your search on the web? Most brick and mortar offices are your nationally recognized car insurance agencies that also happen to sell life insurance. Although these locations have very good prices for car insurance, they are often the most expensive places to go for life insurance. One reason why they have more expensive policies is because of dividend payments to the policy owner (these payments are not guaranteed). Dividend payments can be converted to additional coverage. Over time, these small additions of coverage can really add up. However, you can forgo this expensive feature with a non participating policy (no dividend payments).

Non participating policies are very common outside the brick and mortar agencies. With a non participating policy, you choose the amount of coverage you want and that amount never changes. Contact us if you need to review your options for Houston life insurance.

Navigating Life Insurance Terminology

Navigating life insurance terminology can be a daunting task because there are so many product names. To make matters worse, some product names are not official names of a product. For instance, burial insurance and final expense insurance are merely marketing buzz words used instead of the actual product name: simplified issue whole life. Another example is guaranteed acceptance life insurance, which is known by it’s real name as modified whole life. I can understand why these marketing terms are used. In the case of burial insurance or final expense insurance, the marketing terms help clarify the purpose of the insurance. Using the marketing term “guaranteed acceptance life insurance” is devious, however, because it draws attention away from the product’s negative aspects. If you have any questions, you are always welcome to contact us.

Accelerated death benefit riders allow a policyowner to receive all or a portion of the death benefit early if certain conditions are met. A recent article said accelerated death benefit riders are synonymous with critical illness riders and terminal illness riders. This is incorrect. Accelerated death benefit riders will pay out for a terminal illness, but not a critical illness. Terminal illness is defined as a non-curable medical condition that, within reasonable medical certainty, will result in death in 12 months or less. Critical illness is defined as a heart attack, stroke, or cancer. Notice there is no prediction of life expectancy with critical illness. Critical illness riders only pay out for a critical illness.

Some accelerated death benefit riders pay out if there is permanent confinement to a nursing home. Critical illness might indirectly lead to a pay out if someone had a bad stroke that led to permanent confinement. In every policy I’ve seen, this rider is automatic and free of charge. If fact, if you don’t want the rider, your only option is to make a written request to the insurance company. I don’t see the point in refusing the rider because the benefit payments are not automatic (you have to make a written request to receive payments).

The Problem with Online Insurance Quotes

Nearly everyone who fills out a form to get an online insurance quote instantly regrets their decision. Online insurance quotes are a never ending stick and carrot game for consumers. The first step in the process involves consumers sacrificing all of their personal contact information for the privilege of a quote. Sometimes that information is sent to a lead vendor that shares it with 4 or more insurance agencies. The 4 or more insurance agencies immediately tear into the lead like rabid dogs, blasting the consumer with phone calls. The consumer, meanwhile, sees an unknown phone number and proceeds to ignore what appears to be an unwanted call, all the while annoyed with the constant ringing. The other extreme is also possible, where an agent is very delayed in responding or doesn’t respond at all to the quote request. Why should consumers tolerate this silly game? There has to be a better way.

Fortunately I have a solution. You can get instant life insurance quotes to fund a cremation or burial. No strings attached. No personal contact information required. No waiting for an agent to get back with you. Nobody will be blasting your phone or spamming your email. If you like the quote and you feel the need to move further along in the sales process, you can always go to our contact us page to request an appointment.