In a recent episode of the Ark-Tex Area Agency on Aging’s (AAA) Coffee and Conversation, hosts Angela Glass and DeVon Wilson welcomed Ruby Shoals of Shoals Legacy Agency to discuss the fundamentals of life insurance and its importance in securing family futures.
As a life insurance broker in Texas, Shoals emphasizes education as her primary mission. She works with clients from 30 days old to 85 years old, focusing on matching their specific needs with appropriate insurance solutions while considering budget constraints.
Two main types of life insurance emerged from the discussion:
Term Life Insurance:
- Covers a specific period (10, 20, or 30 years)
- More affordable than permanent insurance
- Expires at the end of the term
- Can often be converted to permanent policy later
Permanent Life Insurance:
- Lifetime coverage as long as premiums are paid
- Accumulates cash value over time
- Generally more expensive than term insurance
- Guaranteed to remain in force with premium payments
Who do you love?
When addressing why life insurance matters, Shoals posed a simple yet powerful question: “Who do you love?” She explained how losing an income could force dramatic lifestyle changes for surviving family members, from relocating to changing children’s schools. Life insurance provides peace of mind that loved ones can maintain their standard of living after a loss.
Important considerations Shoals highlighted include:
- Regular review of beneficiary designations
- Keeping policies in an accessible location
- Informing beneficiaries of their status
- Having at least one trusted person know where policy information is stored
For those interested in reviewing their insurance needs, Shoals offers free consultations at her office on Texas Boulevard across from the former Wadley Hospital (now Christus St. Michaels) or through home visits when necessary. She emphasizes the importance of evaluating existing coverage before recommending new policies, ensuring clients only pay for what they truly need.
Contact information for Shoals Legacy Agency:
- Phone: 903-244-1537
- Website: SchoalsLegacyAgency.com
- Digital magazine available with financial planning tips and resources
The conversation concluded with Shoals’ reminder that organizing insurance documentation is crucial – it’s about leaving a legacy, not a mess, for those left behind.