Life Insurance | Blog | City Centre Insurance Agency

Reasons to Update Your Life Insurance Policy After Relocating

Posted on March 28, 2025March 26, 2025 by admin

Embarking on a new journey by moving to a new home is thrilling, yet it comes with an extensive checklist. While tasks like updating your address and setting up utilities are apparent, one crucial step that often gets missed is reassessing your life insurance policy. At City Centre Insurance Agency LLC in Houston, TX, we assist individuals and families in aligning their coverage with their new circumstances.

Changes in Coverage Needs

Relocation can influence your financial situation. If you’ve acquired a larger home or assumed a bigger mortgage, you may need to enhance your life insurance coverage to shield your loved ones from potential financial burden. Conversely, if you’ve downsized, you might contemplate adjusting your policy to match.

Variations in Cost of Living

The cost of living fluctuates from one location to another, impacting everything from housing expenses to healthcare costs. If you relocate to an area with a higher cost of living, your family may require additional coverage to sustain their current lifestyle if something were to happen to you.

Regulations Specific to States

Insurance laws and tax implications vary by state, which could affect your policy. Some states have distinct rules regarding beneficiary designations, estate taxes, and policy payouts. Reassessing your policy ensures you remain compliant and that your loved ones receive the benefits you planned.

Revise Beneficiaries and Contact Information

Relocating is an excellent opportunity to reassess your beneficiaries and make any necessary revisions. Also, ensure your insurance provider has your updated contact information to avoid missing crucial policy updates or billing notices.

If you’ve recently relocated, now is the ideal time to reassess your life insurance policy. Contact City Centre Insurance Agency LLC in Houston, TX, today to ensure your coverage aligns with your new needs.

Can You Take Out a Life Insurance Policy For Your Parents and Are There Benefits to Doing So?

Posted on September 30, 2024September 30, 2024 by admin

At City Centre Insurance Agency LLC, which provides life insurance in the Houston, TX, area, we often encounter questions about the feasibility of procuring life insurance for parents. It is indeed a thoughtful consideration, and a better understanding can help you make an informed decision.

Is it Feasible?

The answer is yes. You can acquire a life insurance policy for your parents. However, there are a few steps involved. Firstly, you’ll need their permission—they must consent to the coverage. Additionally, you’ll need to demonstrate an insurable interest: their demise financially impacts you.

Advantages of Insuring Your Parents

Ensuring a life insurance policy for your parents offers several benefits. Primarily, it can aid in covering end-of-life expenses like funeral costs. These costs can represent a significant financial burden during a grievously tricky time. This insurance ensures that you can concentrate on honoring their life instead of grappling with financial concerns.

Another advantage involves dealing with existing debts or medical bills. If your parents have substantial loans or healthcare costs, a life insurance policy can furnish the funds required to handle these liabilities, preventing them from becoming your responsibility.

Planning for the Future

When contemplating life insurance for your parents, it is imperative to evaluate both their and your financial situation. Open discussions on these topics can lead to a better comprehension of their wishes and the best ways to support them.

If you’re considering this option, contact us at City Centre Insurance Agency LLC, serving the Houston, TX area and its surroundings. Our team is prepared to assist you in exploring the best policies tailored to your family’s needs, ensuring peace of mind for everyone involved.

What is the difference between term and whole life insurance?

Posted on November 17, 2023November 27, 2023 by admin

When choosing life insurance in Houston, TX, you have to make several choices. One of the most important choices is whether you want to purchase a term or whole life policy. At City Centre Insurance Agency LLC, we can give you the information you need so you can make an informed decision.

Life Insurance Policy Options

Term Life Insurance

Term life insurance is basically a contract between you and an insurance company that pays out in the event of death. This is the most common kind of life insurance and usually lasts between 10 and 30 years.

The person named in the policy is responsible for paying a premium every month. If the person dies during the time period, the insurance pays out. If the person does not die while the policy is active, the policy simply ends with no benefit to the insured.

Whole Life Insurance

Whole life insurance is different because it has a cash component. You can also carry the same whole life policy for an entire lifetime. Many people choose to purchase whole life policies for loved ones while they are young so these benefits are locked in.

The insurance will pay a death benefit if the insured person dies during the contract period. Some of the money paid into the policy adds up on a tax-deferred basis. You can borrow against your own policy to get cash. Once you have a whole life policy, your premium stays the same throughout your lifetime, with no need for a physical.

Reach Out To Us

There are advantages to buying life insurance as soon as possible. If you are in Houston, TX and would like to get the peace of mind you and your family deserve, please call City Centre Insurance Agency LLC today.