Life insurance is perhaps one of the most misunderstood types of insurance. This is understandable because this insurance doesn’t come into play until after a person has passed away. As a result, many people question whether or not this type of insurance is truly a necessity. Our Colleyville, TX team at Jason Ridley Agency is happy to answer any questions associated with life insurance.
What is Life Insurance?
In short, life insurance pays a certain amount of money upon the death of an insured person or at the end of a set/pre-determined period of time. Typically, beneficiaries or a beneficiary is listed as the recipient of this money upon the death of the insured or after a set period of time. The person or persons benefit by receiving a lump sum of money.
"Who" Should Consider Investing in Life Insurance?
You should consider life insurance if your death will place a financial burden on your family or someone else. If you are the head of a household or an earner whose income or loss of income would impact the lives of others, life insurance may be a good investment for you. However, on the flip side, even a housewife or someone who doesn’t support a home with income should consider life insurance as well. Housewives often eliminate the need for child care, making their financial contribution quite valuable as well.
Conversely, even if you don’t have a family, life insurance can still have many valuable benefits as well. In short, the question of who should invest in life insurance is an intensely personal one. It’s best to get help from a licensed and experienced insurance agent like the agents from Jason Ridley Agency. Our team can help you explore your unique situation to thoroughly address the question of whether or not an investment in life insurance would be beneficial. If you have questions about life insurance, give us a call. We’re standing by.