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Life Insurance in Morgan City, LA

Life Insurance in Morgan City, LA

senior with life insurance in men's white dress shirtWhy should one secure life insurance for seniors in Morgan City, LA?

As people approach their golden years, it becomes necessary for them to thoroughly consider their financial situations.

Whether hoping to maintain a similar lifestyle after retirement or wanting to ensure that loved ones are left with a suitable inheritance, life insurance for seniors can play a critical role in financial planning.

However, while these coverage options may be valuable, finding and maintaining the right policy may require guidance.

What Life Insurance Has Cash Value?

Many permanent insurance policies include savings components that can accrue cash value over time. Consider the following options:

  • Whole life insurance can accrue cash value over time with a fixed interest rate, and you can typically borrow against your policy without a credit check or minimal loan approval process.
  • Universal life insurance typically includes cash value accrual with a minimum interest rate. However, savings can grow more quickly depending on market conditions. This could eventually lead to no longer having to pay premiums.
  • Variable life insurance may provide more lucrative growth opportunities as far as cash value is concerned, albeit in exchange for greater risk. The death benefit may be considered part of the policy’s cash value and poor investment performance could lead to lower payouts and higher fees.

How Do Insurance Loans Work

Several types of permanent insurance may accrue cash value over time, which you can borrow against. However, while doing so can be a convenient and expedited way to access funds, policyholders should understand that life insurance loans are not free of risks.

Like many types of loans, insurance loans include interest, meaning that the longer a person takes to repay into their policy, the more they’ll end up owing. Furthermore, if an insured person dies with an outstanding insurance loan, the remaining balance will be deducted from the death benefit, leaving less for beneficiaries.

How Much Life Insurance Do I Need?

A person’s insurance needs can vary significantly and are often subject to their unique circumstances. For example, seniors may still be relied on financially by adult children or grandchildren. In these situations, greater life insurance should be considered to help ensure those parties remain provided for.

Additionally, outstanding debts and alternative financial assets should be considered. Someone still needing to pay off their mortgage or other loans should typically secure more coverage than another person who may have paid off all of their debts.

Similarly, alternative savings and financial resources could lessen a person’s need for the fiscal security provided by life insurance.

We’re Here to Help

At Bruni Insurance Agency, we proudly serve seniors and families in the Morgan City, Patterson and Houma areas. Our dedicated team works with many of the best life insurance companies and will peruse this network to find ideal and tailored policies. Contact us today to get started.