Life insurance gives your loved ones the resources they need when you can’t be there to provide, making it a crucial investment for your family. Unfortunately, many people are confused about what these policies include and how they benefit the people who matter most. Use the guide below to get a better understanding of this valuable protection.

Common Questions About Life Insurance

Who needs coverage?

If someone in your life relies on you for financial support, life insurance allows you to keep taking care of them—even after you’re gone. This coverage is especially important for parents of young children, but even single adults should carry enough coverage to pay their final expenses if the unexpected occurs.

What can life insurance benefits be used for?

Unlike other types of policies, the benefits of a life insurance policy can be used any way your loved ones wish. For instance, you can leave money to start a college fund, pay off the mortgage for your spouse, or even replace your income indefinitely.

What is a beneficiary?

The beneficiary of a life insurance policy is the individual you choose to receive the benefit after you pass away. Depending on your circumstances, you may decide to name your spouse, your child, or another family member. You could also leave the funds to a business or organization, or split the benefits among several entities.

How much life insurance do I need?

No two families are alike, so everyone has different coverage needs. Single adults without kids may need only a few thousand dollars to cover final medical expenses and burial costs, while parents should purchase enough to replace their income for at least a few years.

Choosing a life insurance policy can be difficult, but a skilled agent can evaluate your needs and help find an option that’s right for you. With offices in Geneseo and Livonia, NY, Chanler Agency Inc. is dedicated to helping clients throughout the Finger Lakes region protect what matters most. Visit their website for more on their policy options. To speak with an agent in Geneseo, call (585) 243-5520, or call (585) 346-3118 to request a quote from their office in Livonia.