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LIFE INSURANCE
Life insurance policies are designed to protect loved ones in the event of death. Ideally, life insurance should cover their living expenses, bills, education, and any burial costs related to the death of the insured.
The people who are paid in the event of the death are called beneficiaries. Life insurance policies give peace of mind to the insured knowing that the beneficiaries will be able to maintain their standard of living in the event of death.
Licona Insurance Group has over 50 years of experience with life insurance. Call us today to learn how we can help and get a free quote.
FREQUENTLY ASKED QUESTIONS
Here is a short list of some of the questions we commonly get asked by clients inquiring about life insurance:
- • Do I need life insurance?
- • Does a beneficiary have to do anything in order to receive the death benefit?
- • Who can take out a life insurance policy on my life?
- • If I purchase a policy on my own life, must my beneficiary have an insurable interest?
If you have people who depend on you for financial support, it is in yours and their best interest to have life insurance. If you have people who depend on you for other types of support, life insurance payouts can help provide cover labor costs to replace that support. Life insurance can also help to pay off any outstanding debts that others may assume after your death.
Insurance companies typically only require a copy of the policy and proof of the death. Outside of making sure your beneficiary is aware of the policy, there isn't much else for them to worry about in most situations.
The only requirement to take out a life insurance policy on your life is for the purchaser to have an insurable interest. Typically this means a spouse or immediate family member but can extend to include other parties such as employers who may have an insurable interest in your life.
No, in this case there are no insurable interest requirements for beneficiaries. You may name anyone you like as the beneficiary to a life insurance policy on your own life.
KEEPING YOUR PREMIUM LOW
Your premium is the money you pay to the insurance company in order for them to cover you in the event of a loss. You might pay monthly, quarterly, or annually, depending on the options available and what fits you best. Regardless, one of the top questions everybody asks is, "How can I keep my premiums low?"
Below is a list of ways you can lower your life insurance premiums or avoid premium increases:
- • Apply for a policy sooner rather than later, age matters
- • Don't use nicotine based products
- • Manage existing medical conditions
- • Avoid hazardous hobbies and activities
- • Maintain a healthy weight and lifestyle
Read more tips to save money and make the most of your insurance in our blog.
SPEAK WITH AN AGENT AND SAVE
Contact us today to let our licensed and experienced agents find the personalized coverage that fits your needs and budget.
As a family owned company with over 50 years in the business, we keep the best interest of our clients in the forefront of our mind. Your safety, financial security, and satisfaction are our agents top priority.
Call us today and get better service at a more reasonable rate.
