Life Insurance In McKinney, TX: What To Know if You’re Over 50

Life Insurance McKinney TXMost people think of life insurance in McKinney, TX as something they buy when they’re young and newly married or just starting a family.  In their 20s and 30s, most people are also in generally good health, which makes life insurance highly affordable.  By the time they reach their 50s or 60s, people sometimes drop their life insurance coverage because their children are grown up or they and their spouse feel the guaranteed income of social security is enough to sustain them should one or the other die.

Why You’ll Need Life Insurance in McKinney, TX When You’re Older

Unfortunately, that paradigm of buying life insurance in McKinney, TX at a young age and dropping it later in life when it’s no longer needed has shifted.  Today, people are living longer and having children later in life.  Additionally, the age at which people can claim social security benefits is slowly being moved back; in the next ten years, full retirement age will likely have changed from 66 to 70 or even older.  Once you reach your 50s and you realize you still have loved ones who won’t be able to take care of themselves if something happens to you, you may want to consider purchasing a new life insurance policy.

How To Determine If You Need Life Insurance

The reason people buy life insurance is to take financial care of loved ones who won’t be able to take care of themselves in the event of the death of the insured.  So the first step in determining if you need life insurance is to figure out which of your loved ones needs financial support and for how long.  You should consider your spouse, younger children, older children with disabilities, parents or even siblings who are dependent on you.

How To Know How Much Insurance To Buy

Remember that the more insurance you buy, the higher the premiums will be, especially over age 50 when health issues become a factor.  That’s why you should consider carefully how much money your dependents will need after you’re gone.  For parents or a spouse whose lifespans may not be substantially longer than yours, calculate their expenses for ten or twenty years.  For children, calculate how much money they’ll need through college.  You want to buy enough insurance to take care of your family, but be careful not to buy an excessive amount of insurance that puts a strain on your current budget.

How To Choose The Right Type Of Life Insurance

There are two basic types of insurance: term and cash value.  Term life insurance in McKinney, TX covers you for a set amount of time and accrues no cash value.  Cash value insurance, like whole life and universal life, accumulates money for you in a savings account and continues for as long as you need it to continue.  Term life insurance is a good choice for temporary needs while cash value is the right choice for permanent needs.  Generally, cash value policies are more expensive than term policies.

To find out everything you need to know about life insurance at any age, call us at the James Flynn Insurance Agency at (972) 432-4727.  We can help you find the life insurance in McKinney, TX that you need to support your family.  Visit us online at texasinsuranceexperts.com to learn more.

Life Insurance McKinney TX
Texas Insurance Expert
7850 Collin McKinney Parkway
McKinney, Texas
(972) 521-3880

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