When You Are A Beneficiary on a Life Insurance Policy

Did someone recently make you the beneficiary of a life insurance policy? What does that mean? It means that a policyholder names you to receive a death benefit. This is the amount of money paid out by the life insurance company in the event of the policyholder’s death. Now, all that’s left to do is file a claim with the life insurance company and decide how you want to receive the payout. Consider using some of that to buy a wreath for the person who left you all that cash.

What You Need to Know

If you are a minor or in charge of a minor who is a beneficiary, you should know that a minor cannot receive the benefits until they turn 18 years old. Keep in mind that the process is not automatic. You might not even be contacted by the insurance company. It’s necessary to make a claim with the company. If there is more than one beneficiary, separate claims must be made. Are you a contingent beneficiary? That means you can only collect if the primary beneficiary is unable to do so. Note that you need to be named explicitly on a life insurance policy. Even if the policyholder was your spouse, you must be named on the policy. Remember, there is no way to change the beneficiary after a policyholder dies.

Roark Insurance Agency Serving Flatwoods, KY

If you need life insurance and are in the Flatwoods, KY, area, please contact Roark Insurance Agency. Our courteous and knowledgeable agents will do all they can to help you.

What type of life insurance should I get in Kentucky?

There are many important forms of insurance for people in the Flatwoods, KY area to obtain. A type of coverage that continues to be very important to have here is life insurance. This type of coverage is important as it ensures you are able to provide financial support for your dependents.

There are different types of life insurance to consider when you are searching for a plan:

Term Life Coverage

One type of life insurance to consider when you are in this part of Kentucky is term life insurance. This type of coverage will offer life insurance protection for the entire term of the policy, which can range up to 25 years or longer. An advantage of term life insurance is that you can build a plan to specifically meet your needs in terms of coverage and premiums tend to be more affordable than other options.

Whole Life Coverage

You should also consider getting a whole life insurance plan. While this type of insurance tends to be more expensive, it does offer financial advantages beyond the standard life insurance. When you make payments into this policy each month, it will grow with interest. Eventually, you are able to liquidate the cash value of the insurance plan, which can make it a great investment option for you as it is also lower risk than other options.

Reach Out To Us

You should always consider getting a life insurance plan when you are in the Flatwoods, KY area. If you are looking to get this type of coverage in this area, you need to call our team with the Roark Insurance Agency. Our professionals with the Roark Insurance Agency will help you carefully assess all options at your disposal so you can build a plan that is ideal for your situation.