What Do You Want To Know About Life Insurance?
If you have to insure your vehicle and you have insurance on your home as well, do you really need life insurance? It truly never hurts to know more about life insurance in the first place before you answer that question. Life insurance is set at a certain amount and is meant to protect your family in the event of your death. Think about the income they would lose if you were to pass on. Or, how would they pay for your funeral services? These are some of the things life insurance funds can cover to aid your family in dealing with your loss. Here are some of the most-asked questions about life insurance to help you in your research if you are considering making this important investment.
How Much Life Insurance Should A Person Have?
There is really no cut and dried answer as it varies from person to person. You will have to examine your current financial obligations as well as those that might come up in the future. You will also take a look at resources your family has (like savings). You want to ensure that your family will be able to meet their needs in the future without you available to help with a steady income. Insurance agents can help you run the numbers and figure out the amount that you are most comfortable with for coverage.
How Should People Go About Naming Beneficiaries?
Just like you would in a will, you are going to want to name a beneficiary, or a person that the money will go to in the event of your death. Sometimes, that person is obvious. You want the money to go to your spouse, or perhaps your children. But you will also want a secondary beneficiary in case you outlive the person who is primary on the policy. When you select a beneficiary, and a secondary beneficiary, the money from the policy goes directly to them instead of going through your estate. They get the funds they need faster. Be specific in naming the person. For example, instead of saying ‘wife of the insured,’ name your spouse. If you keep it vague, an ex-spouse could have a claim as well. If you know where you want the money to go, your insurance agent can help you with the specifics. You can always change the designation later as well at any point in time, if you choose to do so.
How Can People Find Good Insurance Agents?
The advice you get and the policy you end up with will greatly depend on the insurance agent you work with. Talk to friends, family members, or professionals like a family lawyer for recommendations. When you meet with agents, ask them about their background and make sure they are specialists in the life insurance field before you move forward.
Meeting Your Life Insurance Needs
There isn’t one blanket life insurance policy that meets every person’s needs. They are customizable and have to meet your specific family situation, so that in whatever circumstances, your family is prepared and protected. Contact the professionals at Nickerson Insurance Services to talk to experts that can prepare you and assist in the necessary steps to secure your family’s future.