Questions to Consider When Investing in Life Insurance

Life insurance is one of the most overlooked insurance policies. It is also one of the most important policies to make sure that your loved ones are taken care of after you die. To make sure that you are getting the best life insurance policy to provide for your loved ones when you are gone, make sure to know the answer to these common life insurance questions.

  • How much life insurance do I need? It is recommended that you take out a life insurance policy that is ten times you annual income. This will ensure that your loved ones have a financial cushion to take care of everyday bills, such as the mortgage or car payments, when you are gone.
  • Does the insurance company matter? When it comes to finding the best life insurance company, it is important to make sure that you choose a finically sound and stable insurance company. This will ensure that they are able to payout the policy benefits after your passing.
  • How often should I Review my policy? Whenever you have a major life change, it is important to look over your policy to see if you need to raise your coverage, or possibly lower the amount you need. Some major life changes include having a baby, getting married, or paying off your home.
  • Who can be named as my beneficiary? You can only name people who are financially dependent on you in some way as a beneficiary. This includes children and spouses, or anybody else who you may owe money to.

For all of your insurance needs throughout Minnesota, contact the insurance experts at The Insurance Shop in White Bear Lake, Minnesota. We can help with all of your life insurance needs, as well as your auto insurance, home insurance, and umbrella insurance needs to ensure that you and your loved ones have the right coverage for any situation.