You can have more than one beneficiary.
Most people believe you are only allowed to have one beneficiary. Contrary to that belief, you can have as many beneficiaries as you would like. The only limit to that is minors. Life insurance policies will not pay out to minors. If children are involved, setting up a trust fund for them is recommended.
Cash value policies vary between insurance companies
Some life insurance policies start low at a younger age and then get bigger as you age. Other life insurance policies increase slowly over time. Talk to your insurance provider to see what type of life insurance policy you have.
There are different types of life insurance policies.
There are two different types of life insurance policies. You need to ensure you get the right policy for your needs. The first type of life insurance is called term life insurance and has an expiration date. It ends on a specific date or when you die, whichever comes first. The second type of life insurance is permanent or cash-value life insurance. Permanent life insurance ends when you die and doesn’t have an end date.
Purchasing online doesn’t always mean cheaper.
Many people purchase their life insurance policy online, thinking it is cheaper. In reality, it is about the same cost. Talking with an insurance agent to ensure you get the coverage you need is a good idea.
Research your options
There are many options available. It would be best to research the costs and coverage types before buying your insurance policy.
Contact The Shay Agency
At The Shay Agency, we can help you find the right life insurance policy to suit your needs in Wilkes-Barre, PA.