You know that a life insurance policy will help protect your loved ones from financial strain if you pass away unexpectedly. If you’re like most people, you’re probably wondering if you really even need a policy in the first place. Contrary to popular belief, life coverage is beneficial to everyone, at every age and stage of life. Buying the right policy for your needs can be a bit confusing, and the team at Enterprise Insurance Services in Coffee County, AL, wants to help. Below, they answer some of the most commonly asked questions about life coverage.
4 Often-Asked Life Insurance Questions
1. Do I Really Need Coverage if I Have No Dependents?
You have people that care about you, whether it’s your parents, a significant other, aunts, uncles, or cousins. If you pass away unexpectedly, all of your outstanding debts, medical bills, and even funeral costs pass on to your next of kin. This means the ones you love most are responsible for paying off your debts. A life policy will give them the funds to cover those unexpected expenses, so they can grieve properly without worrying about redoing a budget or losing their savings.
2. Can’t I Wait Until I’m Older?
You can, but you shouldn’t. The younger and healthier you are when you apply for a life insurance policy, the lower your premium costs will be. Remember, life coverage will not be as expensive as your auto insurance policy, and the costs are designed to be relatively affordable even if you’re just starting out in a career.
3. What Does It Cover?
Life coverage works differently than other insurance types. When you pass away, the insurance company pays a death benefit in the amount of your policy. Unlike other types of insurance, there are no restrictions on how your beneficiaries can use the death benefits that the insurance company pays out. The funds can be used for everything from college tuition for your children or financing your business so your company can continue to operate after you pass away. This coverage is one of the most versatile options available, and your loved ones can use the money as they see fit.
4. Who Should I Name as the Beneficiary?
Ultimately, the choice is up to you. You can name a close friend, your spouse, children, or even your business partner as a beneficiary of the policy. Whomever you choose, make sure you name them clearly. Use their full name to avoid any contention and confusion should you pass away.
Start protecting the ones you love most and invest in a quality life insurance plan from Enterprise Insurance Services. Their experienced agents will work with you to find the best policy for your needs and coverage concerns. Learn more about their services online and call (334) 347-9133 for a free quote.