What Should You Do if You’re Denied Life Insurance?

You’ve finally done it. You’ve completed the life insurance application process. Now you’re just waiting for approval, so you can have peace of mind knowing your family is covered financially if anything happens. But then the unthinkable happens: you’re denied coverage. Now what?

While no one wants to consider the possibility of being denied life insurance, it can happen. If you are in this situation, don’t panic. Consult with Jason Ridley Agency in Colleyville, TX for expert insurance advice.

Here are four steps to take to remedy the situation:

1. Find Out Why Your Application Was Denied

The first step is to find out why you were denied coverage. There are numerous reasons why an insurance company may deny coverage, many of which can be remedied. For example, if you have a pre-existing medical condition, the insurance company may require you to wait a certain period of time before they provide coverage.

Alternatively, they may offer coverage at a higher premium. Once you know why you were denied, you can start to look at your options.

2. Check for Errors in Your Application

If you’re healthy and have no pre-existing conditions, the denial may be due to errors in your application. For example, you may have accidentally omitted information or made a mistake on your medical history. In this case, you can talk to your insurance agent and resubmit your application with the correct information.

3. Carefully Review Your Case

If you’re denied life insurance for health reasons, you have the right to request a written explanation of the decision. This is called an "adverse action notice." Once you receive this notice, review your case and look for any errors.

If you believe there was a mistake, you can file a complaint with your state insurance department. If you’re denied life insurance for other reasons, such as not meeting the minimum requirements, you can’t appeal the decision.

In some cases, you may be able to find another company that’s willing to insure you. For example, Jason Ridley Agency in Colleyville TX can help you with this process. Regardless of the reason for your denial, it’s essential to understand your options and take action accordingly.

4. Reach Out to a Life Insurance Agent

If you are denied life insurance, the best thing to do is to work with a reputable life insurance agent. The agent will help you understand why your application was rejected and what you can do to improve your chances of getting coverage in the future.

They will also help you find other life insurance options that may be available to you. Don’t give up on getting life insurance coverage just because you were denied once. There are many different life insurance policies out there you can purchase.

Contact Us Today For Life Insurance Coverage

Have you been denied life insurance before? We can help call us today at Jason Ridley Agency in Colleyville, TX, and we can help you find the right life insurance policy for your needs. We understand that not everyone is perfect, and we will work with you to find a policy that meets your needs.

Reasons to Buy Life Insurance In Your Twenties and Thirties

Most people think of older people when they think about buying life insurance. They may think that it is something that you should get when you are ready to retire. 

That being said, it is often a good idea to get it when you are in your twenties and thirties. Jason Ridley Agency in Colleyville, TX provides this guide on some reasons why. 

Why to Buy Life Insurance In Your Twenties and Thirties

The cost of life insurance will go up the longer that you wait

In fact, it may be cheaper than you ever imagined, if you buy it now. If you wait, you could spend quite a bit more money each month. 

Most people are living with outstanding debt

This may include student loan debt, debt to start a business, or just any loan that you may take out in your twenties or thirties. If you don’t have life insurance, your family is going to have to pay back every cent that you owe, even if they can’t afford it. 

At this point, your family probably relies on the income that you bring in 

Without it, your family may struggle financially or lose it all if the unthinkable happens to you. 

Contact Us Today

Basically, if the loss of your income would be devastating to your family, you need to make sure that you have enough life insurance to protect your family. It will help keep your business going, and erase your debts, so that your family doesn’t have to lose anything if something happens to you. It is also much cheaper if you get life insurance when you are young! 

If you are thinking about your family, don’t hesitate to contact us today at Jason Ridley Agency in Colleyville, TX. 

Who should invest in life insurance?

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. 

What New Parents Should Know About Life Insurance

Welcoming a new child into your home is a special occasion. In the midst of all of the change and excitement, there are important decisions that need to be made too, concerning the future. At Jason Ridley Agency, serving Colleyville, TX, we want to help our clients be prepared for the future. Keep reading to learn what new parents should know about life insurance. 

Is Life Insurance Important Right Now?

Many people make the mistake of thinking that life insurance is only something they need to worry about when they are much older. The truth is, though, life insurance is a good investment at any age. 

Life insurance will help provide for your family in the event that you pass away. No one can predict when that would be. Having sufficient life insurance in place now means that your family will not suffer financially in the event of a tragedy. 

How Much Life Insurance Do I Need?

Figuring out how much life insurance you will need will differ from family to family. Each family will have its own individual plans and goals for the future. In order to determine how much life insurance you will want for your growing family, you will need to sit down with one of our knowledgeable insurance representatives and discuss your expectations. 

Does My Child Need Life Insurance?

Investing in a life insurance policy for all members of your family will ensure that tragedies do not leave your family financially vulnerable. 

If you would like to learn more about our services, or if you are interested in life insurance policies, please contact our office at Jason Ridley Agency serving Colleyville, TX, and the surrounding areas. 

Benefits of Life Insurance

What are the benefits of life insurance? There are many, but most of all, it is there to benefit your loved ones and beneficiaries after you are gone. The Jason Ridley Agency serving the city of Colleyville, TX would like to help you plan for the long term.

Before we talk about some of the benefits, let’s first mention the two main types of life insurance policies. These are term life insurance policies that have a specified time limit set either in years or when the policyholder reaches a certain age at which point it expires or is renewed. The second is a permanent life insurance policy. This type of policy has several variations, but it has death benefits plus savings.

Each has its benefits. A term life insurance policy is usually cheaper in the beginning and may offer the option to convert to a permanent life insurance policy. This is beneficial if you are on a tighter budget when you start with your policy. It does get more expensive as you get older or renew, but you do not need to go for another medical exam.

Permanent life insurance has the benefit of accumulating savings throughout the lifespan of the policy and has a guaranteed payout. It also allows loans against the cash value of the policy and the cash value is tax-deferred. This type of life insurance is more expensive in the beginning but flattens out eventually.

The best benefit of life insurance is knowing that, if you have structured your policy carefully and correctly, your beneficiaries will be cared for after your death. Speak to the Jason Ridley Agency today and secure your family’s future. Serving the city of Colleyville, TX.

Do You Have Enough Life Insurance?

There are many benefits you accrue when you purchase life insurance from the Jason Ridley Agency of Colleyville, TX. The most obvious one is cushioning your dependents financially even when you pass on. While life insurance offers numerous benefits, do you know how much you need? How do you ensure that you have adequate life insurance to cover your financial interests? If you are about to invest in life insurance, the first step is to figure out how much you need.

Understand your financial landscape

How does your financial picture look like? The first thing to see how much life insurance you need is to understand the big picture of your financial landscape. This way, you can establish how life insurance fits in the plan. Unsure of where to start? A knowledgeable insurance agent can help you spot gaps and strengths of your financial plan and help you figure out how life insurance can plug in your plan. 

Calculating how much life insurance you need

Establishing the amount of life insurance you need doesn’t require you to be a mathematics guru. A few simple formulas can help you achieve your goal. These include:

10 times income rule

While it’s not the best rule, it can give you a rough idea of how much life insurance you need. On the flip side, this rule doesn’t consider your family needs, current savings, and the number of life insurance policies you have. 

The DIME formula

This method enables you to take a deeper dive into your finances. This rule postulates that you should consider your debts, income, mortgage, and education when determining your life insurance needs. 

In addition, if you would want to know how much life insurance you need, you can use life insurance calculators. Better yet, you can sit down with an agent like Jason Ridley Agency to help you determine the life insurance needs. If you need help, please contact us today or visit our Colleyville, TX offices to have a sit-down with one of our agents.

Whole vs. Term Life Insurance

No two lives are the same – your career, family, personal beliefs, and experiences are unique to you. That’s why life insurance does not come in a "one size fits all" policy. Deciding what will be most beneficial to your loved ones can be stressful, but our team at the Jason Ridley Agency in Colleyville, TX is here to help you navigate your options. One of the biggest things you’ll need to decide upfront will be whole or term life coverage.

Whole Life Insurance

A whole life insurance policy is "permanent insurance" intended to stay in place for the rest of your life, guaranteed to payout after your death. While the premiums typically stay the same, the value of the policy will rise over time. You can also borrow amounts of funds against the account during your life (any amount not repaid will be withdrawn from the final benefit). You can also "surrender" the policy for a direct payment, in which case your coverage will end. 

Term Life Insurance

As the name suggests, term life insurance is only active for designated periods of time, i.e., 15 to 20 years. You will pay premiums only during this time, after which your coverage will end. The cash value is preset and does not change. 

Which is the Right Choice for Me? 

The right kind of life insurance for you will depend on your specific needs and budget. For example, many parents opt for term life because they only want coverage as long as their children are dependent on them. Others choose whole life because they don’t know what to expect in the future, and they want to make sure they are covered no matter what. It’s worth pointing out that whole life insurance is generally more complex and costly, but it comes with more advantages than term life. Term life is simpler and more affordable. 

Contact the Jason Ridley Agency to learn more about your life insurance options in the Colleyville, TX area!

Do You Need A Life Insurance Policy?

That is a question that many of us ask ourselves, and the answer is yes, we should all obtain a policy for the security and peace of mind it provides.

Life insurance is vital for several reasons. If you, unfortunately, die suddenly and are the main breadwinner of your family, you want to ensure that your family will be provided for and will still be able to pay all of the bills when you are gone. Many of us may have a policy through our employer. Still, normally the amount of money it provides will only be enough for our funeral and burial expenses, leaving our loved ones with no income from us to help pay the usual monthly bills.

Reasons to Secure a Life Insurance Policy

A life insurance policy can provide for your family after you are gone from this earth, and it can also, depending on the amount of the policy, allow them to pay off significant amounts of debts. In many cases, your family will be able to pay off the mortgage and not have that payment to worry about in the future, and it can help provide for older children to attend college.

A life insurance policy will also provide money for your children to purchase a home or start a business if you die unexpectedly.

Certain policies will allow you to borrow money throughout your lifetime from your life insurance policy, which means you can pay off debt before you die, leaving your family in a better financial situation. This provides you with the peace of mind you want and deserve.

Do you need a life insurance policy? If the answer is yes, contact the trusted and experienced life insurance agents at the Jason Ridley Agency in Colleyville, TX today!