Can I Designate Someone Other Than A Family Member As My Beneficiary?
Posted: February 22, 2020
Although many people name family members as beneficiaries on their life insurance policies, it is certainly not a requirement. There are almost no rules restricting who you can choose, and you can change your beneficiary at any time (for example, after a divorce). The only universal restriction for life insurance beneficiaries is age. You cannot name a minor as your beneficiary. To provide a person...
Understanding The Main Life Insurance Classifications
Posted: February 7, 2020
Life insurance companies use a system of classification to determine an individual’s state of health, based on a series of factors pertaining to that person. Your classification can affect how much life insurance coverage you can get at each price point. Healthy people get more favorable classifications and lower rates. If you have health issues, that will be reflected in your life insurance premiums. The...
Five MORE Reasons Life Insurance May Be Important to You
Posted: August 9, 2013
The primary purpose of life insurance is to guarantee the continued financial support of your family and loved ones in the event that you die prematurely. In a recent survey, 40% of families would immediately have trouble paying every day expenses if the primary wage earner died. 30% would have trouble meeting expenses after several months. Last week, we covered 5 important reasons to consider...
Five Reasons Life Insurance May Be Important to You
Posted: August 6, 2013
Nearly everyone has heard of life insurance – and most people know that they should consider buying it. But 95 million US adults – or 41% of the adult population – don’t have any life insurance coverage at all. Some employers offer group life insurance policies, but it is important to remember that while those provide an important benefit to the employee, the coverage may...