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Before Buying A Life Insurance In McAllen, TX

by host on Tuesday, August 25, 2015 10:12 PM

Life insurance is an important component of an individual’s long term financial planning. However, choosing and buying the most suitable policy can be a bit tricky. Without having a sound knowledge of the different coverage options and types of insurances available, you may end up buying a policy that does not fit your budget or family’s requirements.


Here are some important guidelines that will help you choose a life insurance wisely:

  • Review Your Insurance Needs: Firstly, it is important for you to determine the reason you need life insurance. If you want to secure your family’s future in the event of your death, you should consider buying a policy that accommodates to their long term financial needs. Consider all your debts and other financial liabilities to get a rough estimate of the type of insurance you need.   
  • Determine The Coverage Amount: Start by assessing all your assets and debts, including daily living expenses, home rent, mortgages, utility bills, personal or business loans etc. Also look at what part of your and your spouse’s income go into handling these expenses. Your life insurance coverage should be sufficient enough to fulfill your family’s financial commitments.
  • Decide On The Type Of Policy: Once you have figured out the amount of coverage you need, you can decide on the type of life insurance. There are mainly two types of policies, term insurance and whole life insurance. In the former one, you can purchase insurance at affordable premiums for a fixed period of time. The latter one provides coverage till the death of the insured person and adds significant cash value that can be used by the beneficiary.
  • Understand Renewal Policies: There are many term insurance policies that can be renewed after a certain period of time, regardless of your present health conditions. However, you may need to pay a higher premium with each renewal. Make sure you ask your insurance provider about the renewal terms and increase in the premium thereafter.    
  • Read The Policy Carefully: Before buying life insurance, make sure to read the fine print to know what exactly you are getting. Check if benefits or premiums will remain content or vary every year. Understand all the terms and clauses mentioned in the policy. You can also ask your insurance agent to simplify things for you to comprehend.
  • We, at Smith-Reagan Insurance Agency, provide comprehensive life insurance to the clients in McAllen, TX. We offer a broad range of coverage options in order to provide the maximum benefits to the beneficiaries. For more information, you can call us at (956) 399 – 1353 or visit our office at 148 N. Sam Houston Blvd, San Benito, TX 78586.


The auto insurance policies provided at Smith-Reagan Insurance Agency are specifically tailored for each client in San Benito and McAllen, TX

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