Protecting the ones you love most is always a priority, and nothing helps accomplish this goal quite like investing in a quality life insurance policy. Though many people are loosely familiar with the coverage, they may still be confused about the details and benefits of getting a policy. The team at Phillip Kent Beck Agency in High Point, NC, wants to help. Below, they answer a few of the most frequently asked questions about life coverage.
Common Questions About Life Insurance
Do I Need Coverage if I Don’t Have Dependents?
Though life insurance seems like an investment that’s primarily geared towards people nearing retirement age, it’s beneficial for everyone. Even if you don’t have dependents, you still have responsibilities. Should you pass away unexpectedly, the burden of covering your final expenses would fall to your family. A life policy will give them the money they need to cover those costs without dipping into their savings.
How Much Do I Need?
Ultimately, the amount of insurance you need will change as your living situation evolves. A $20,000 policy will cover most final expenses while a $250,000 policy will give your family money to live off of while they adjust to your passing. If you have multiple dependents, a larger policy may be beneficial. Your insurance agent will help you find the right coverage for your needs.
Won’t It Cost a Lot?
Life insurance, unlike other types of coverage, is designed to be incredibly affordable. Most people can get coverage for as little as $25 a month. Keep in mind that your premiums will be based on your overall health, age, and occupation. The younger and healthier you are, the more affordable those premiums will be.
Can I Name More Than One Beneficiary?
Your coverage can have as many beneficiaries as you see fit to name. These can be your significant other, parents, children, siblings, and even charities you support. Furthermore, you can always change your beneficiaries should you need to. All you need to do is speak with your insurance agent.
Life insurance is a simple way to protect the people you love most from financial strain. Let the team at Phillip Kent Beck Agency help you find the best coverage for your needs. They’ll get to know you and understand your individual situation before recommending the proper amount and type of coverage. Learn more by visiting their website and call (336) 434-2111 to schedule an appointment.