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Getting life insurance is a smart move whether you’re a young person just out of college or an older person starting a family. Rickey McGill Insurance Agency will get you started with a few insurance buying tips that will help keep you from making some simple mistakes.
Think About Your Beneficiaries
It’s not the best option to name a minor as your beneficiary. The insurance company can tie up the death benefit for a minor are not able to accept life insurance directly. It wouldn’t be available until they’re 18. At that point in receiving a lump sum, the child will have no intermediary to help guide them with their new wealth. You make your child a beneficiary because you don’t want them to worry about money for school or life. But this could make it a little more difficult. When they get the lump sum, they may spend the entire amount within a few years or even months.
Get Comparative Options
When looking at quotes, make sure you comparison shop. You’ll want to look at the cost of the premiums and the terms versus the death benefit. Don’t just look at the lowest premiums. That may not be the best option for your beneficiaries. With the Rickey McGill Insurance Agency in Arlington, TX, our independent agents can go over several options with you before you make a decision.
How Much Coverage Do You Need
Take a good look at your finances and decide what type of coverage you’ll need. You might consider having at least 6 times your current salary. If you are making $100,000 per year in Arlington, TX, than the death benefit should be $600,000. This would be the amount to cover any debt and funeral expenses that you’ve accrued over your lifespan.
