Category: Life Insurance

Divorce can be a difficult time as both parties often struggle dealing with the emotional and financial upheaval. As part of this process, you may overlook your life insurance policy. However, it’s crucial not to miss out on this step, as divorce can directly impact life insurance. Understanding how your policy may be intertwined with your marital decisions is important. Let our team of insurance experts at Amy Tounget Insurance Agency LLC in Midlothian, TX guide you through life insurance following a divorce.

Impact of Divorce on Life Insurance

Here are some common changes that can affect life insurance after divorce:

Beneficiary Designations

If your spouse was previously named as your primary beneficiary, this may need to change post-divorce. Negligence in updating your beneficiary designations could result in your ex-spouse receiving your death benefit in the future.

Policy Ownership

Joint ownership of a life insurance policy can present challenges during a divorce. Life insurance policy ownership may be addressed in divorce proceedings as part of the financial settlement. However, if the policy is held individually, the policyholder retains sole ownership.

Spousal Rights and Obligations

A divorce decree may stipulate specific requirements regarding life insurance, such as maintaining a policy to cover child support or alimony payments. These requirements are legally binding and must be adhered to comply with court orders.

Essential Steps to Take After a Divorce

After divorce, take some time to review your policy carefully. Ensure the beneficiary designations align with your current wishes and circumstances, and update your policy as required. This could involve filling out and submitting forms to update beneficiaries or transfer ownership.

Speak with an Experienced Insurance Agent

For assistance navigating your life insurance policy after a divorce, contact Amy Tounget Insurance Agency LLC of Midlothian, TX.

When you’re a person that others depend on, possessing a life insurance policy is paramount to aid them when you are no longer around. Always maintaining a life insurance policy is essential to avoid leaving anyone in financial distress after your departure. Two primary forms of these policies are whole life and term life policies. A term life policy is a budget-friendly policy with an expiration date, after which it is no longer valid. On the other hand, a whole life policy functions differently. Contact us at Amy Tounget Insurance Agency LLC in Midlothian, TX to learn more about life insurance options.

No Expiration

One of the benefits of selecting a whole life policy is its non-expiring feature. This policy will remain valid regardless of your age as long as you elect to keep the policy. The policy cannot be nullified if you continue to pay the premiums. Although the premiums are costlier than a term life policy, many consider this policy type worthwhile because there’s no need to purchase another life insurance policy. One policy lasts for life.

Cash Value

Another asset of a whole life policy is that these policies accumulate a cash value over time. This cash value can be borrowed during financial emergencies or other monetary needs. Just like any other loan, you can repay the borrowed amount back. The due amount gets deducted from the death benefit until the loan is fully repaid.

Get Whole Life Insurance

If you’re interested in obtaining a life insurance policy, we can help. Contact us at Amy Tounget Insurance Agency LLC in Midlothian, TX.

Securing Peace of Mind with Life Insurance

Life insurance offers tranquility for both you and your family. With a variety of options ranging from term life to whole life, you have the flexibility to select the coverage that aligns best with your lifestyle and preferences. Regardless of age, life insurance presents benefits to anyone preparing for their future and their family’s well-being. Our team at Amy Tounget Insurance Agency LLC is committed to helping Midlothian, TX residents understand the advantages of life insurance and secure the coverage they need.

What is life insurance?

Upon investing in life insurance, you pay a monthly premium to the insurance company to guarantee a predetermined sum payout to selected beneficiaries upon your demise. However, life insurance is versatile and can also cover situations including terminal illness. It could also be used to cover final expenses and various unforeseen instances. Beneficiaries are free to use the payout as they deem fit. Investment options range from whole life insurance, which provides lifelong coverage, to term life insurance, which is designed to cover a preset period.

Is it too late to invest in life insurance after retirement?

Typically, you can invest in life insurance until the age of eighty-five. However, premiums are higher, and there may be other requisite measures. Some insurance companies may even provide coverage for individuals over eighty-five, albeit with higher premiums and final expense coverage. Thus, obtaining life insurance coverage at an advanced age is still probable, although it often demands a higher financial investment. If you need clarification or have questions about life insurance, contact us. We’re always eager to discuss your potential options.

Motorcycle riding can be thrilling, but it can be risky. Safety statistics indicate that motorcyclists are almost 30 times more likely to die in an accident on two wheels, which makes having life insurance coverage essential for road warriors and casual enthusiasts alike. Here’s how Amy Tounget Insurance Agency LLC in Midlothian, TX can help provide financial protection for your survivors should the worst-case scenario become reality.

The Importance of Life Insurance for Motorcyclists

Having life insurance is a good idea for everyone, but motorcyclists are at a higher risk of death than many, especially on the road. Life insurance policies are designed to pay out financial compensation to beneficiaries should the policyholder pass away. Most agents recommend having 5 to 10 times your annual income in coverage for good measure.

Term Life Insurance for Motorcycle Riders

Term life insurance provides an affordable way to give your family peace of mind in a financial sense. This type of policy is set for a predetermined period or term. This is usually between 10 and 30 years, and during this period, your insurance provider will pay beneficiaries should you die. The policy can be extended, but it may be at a higher rate.

Permanent Life Insurance Policies for Motorcyclists

Permanent life insurance, like whole life insurance, doesn’t expire until you pass or the policy lapses. One benefit that policyholders enjoy is having the ability to borrow funds from the policy which accrue cash value over time. However, borrowing against the policy can reduce or eliminate death benefits.

Know You’re Protected With Life Insurance

Soak in the sun and experience the freedom and relaxation that riding a motorcycle can provide, but do so knowing your family has financial security should a fatal accident occur. Feel free to contact Amy Tounget Insurance Agency LLC online for a quote, give us a call, or stop by our office in Midlothian, TX for quick assistance.

Designating the right beneficiary is vital to owning life insurance policies and similar financial instruments. You’ll want to make sure that death benefits go to the proper person following your passing. The professionals at Amy Tounget Insurance Agency LLC, service residents in Midlothian, TX, can help you select a policy that fits your needs and the paperwork necessary to ensure beneficiary designation.

What is a Beneficiary?

At its simplest, a beneficiary is the person or persons you designate to receive the proceeds of your life insurance policy or its assets upon your death. You can name more than one beneficiary, including a primary and contingent beneficiary, in case the primary individual passes away before you do. Life insurance policies allow you to change named beneficiaries if circumstances change. If you don’t name a beneficiary, the proceeds become part of your estate, and a judge can decide who will receive the proceeds.

Who Should I Choose as My Beneficiary?

Most people choose their spouses, but in lieu of that, you can name an adult child, another trusted family member, or anyone you wish. Most estate experts recommend not naming a minor child as a beneficiary, as someone else must administer the funds if you die before the child becomes an adult. However, you can place your life insurance policy in a trust to protect the proceeds until your child becomes an adult.

Other considerations for naming beneficiaries include 

• The beneficiary’s age
• Whether receiving the benefits will disqualify your beneficiary from receiving other benefits
• Ensuring that your will is in line with beneficiary designations
• The ability of the beneficiary to manage money

Selecting Your Life Insurance Policy

You have many options when selecting life insurance in Midlothian, TX. Amy Tounget Insurance Agency LLC can help you with the process, as well as naming beneficiaries.

Death is a part of life, and many families will face the burden of grieving when a loved one passes. During these hard times, other issues can leave families struggling, including questions over finances and the like. Fortunately, life insurance plans can provide financial security in many circumstances. This can ease burdens for families and make it easier to concentrate on mourning. 

If you would like assistance with selecting life insurance policies or have any questions, get in touch with Amy Tounget Insurance Agency LLC in Midlothian, TX.

Life Insurance Reduces Financial Burdens

It’s crucial to read the terms of individual life insurance plans to understand what is covered and when payouts will be provided. That said, life insurance plans can provide payouts for families in many different situations. The funds provided can then be used to cover funeral and burial costs. Given how expensive such events are, they can be a substantial burden on families.

Further, when someone passes away, a family may lose a source of income. In other cases, a stay-at-home parent may have been taking care of children and other dependents. Should that person pass away, it may make it necessary to pay for childcare, daycare, and other costs. Many other costs and burdens can emerge when someone passes away.

When tragedy strikes, many families would rather not have to think about money and financial matters. However, the fact remains that bills must be paid. With life insurance, it’s often possible for families to secure the financial assistance and resources that they need. As a result, families can then focus more on mourning and honoring their deceased loved ones.

Looking For Life Insurance?

Of course, it’s important to closely consider the terms of different life insurance plans. If you would like to explore policy options in the Midlothian, TX area, please contact Amy Tounget Insurance Agency LLC.

It’s crucial to have a will or some other plan in place to provide for your loved ones in the case of your death while navigating through life. Life insurance is a cornerstone of the financial strategies we help our clients develop at our agency in Midlothian, TX.

Here are important factors to think about while deciding whether or not to buy life insurance:

In what ways is it crucial to have life insurance?

Your loved ones should not have to worry about money after your death, and life insurance is designed to do just that. Life insurance can ease your mind by ensuring that your family will be provided for in the event of your untimely demise.

The Varieties of Life Insurance: What Are They?

Term life insurance is less expensive and provides protection for a set number of years (10-30 years). Coverage from a permanent life insurance policy lasts throughout the insured’s whole life, and the savings component can grow over time. All types of insurance have their advantages and disadvantages, so it’s best to discuss your options with an insurance professional.

How Much Life Insurance I Should Buy?

Your age, income, debts, and financial goals are just some of the variables that will determine how much life insurance you need. You should have ten to twelve times your annual income in life insurance coverage at the very least. Our experienced agents can advise you on the level of protection that best meets your needs.

Get in Touch With Amy Tounget Insurance Agency, LLC 

Contact Amy Tounget Insurance Agency LLC in Midlothian, TX now to learn more about life insurance. Allow us to assist you in keeping your loved ones safe.