Who can benefit from my life insurance policy?

Life insurance is an essential part of your financial plan. This is because life insurance can help keep your dependents and loved ones financially safe in case of your demise. At Everett Insurance, we recommend purchasing life insurance as early as possible as opposed to waiting until an older age. 

Life insurance takes care of your funeral and burial expenses as well as your documented dependents. By documented dependents, we mean that not everyone can benefit from your life insurance. Read on to learn who may benefit from your insurance.

It is not a must for your spouse to benefit

Your life insurance is not a law. Therefore, there exist no rights as to who may benefit from your insurance and who may not. In simple terms, life insurance is like a will. However, unlike a will, you need to choose one sole beneficiary and an optional name in cases where the only beneficiary is unavailable or dies.

Your beneficiary can be your parent

Like we have already mentioned, only the listed people can access death benefits. For instance, if you have children and parents, you can choose your parents and not your children to be sole beneficiaries depending on your reasons.

It doesn’t have to be family

Naming your beneficiary is quite personal, and your insurer will accept anyone you name in your policy. If you live around Richmond or Glen Allen, VA you can visit us at Everett Insurance for professional advice.

With the current state of every possibility and many uncertainties, you may not know what happens to your dependents in case of your demise. Purchasing life insurance is an excellent plan to help give your family and loved ones the quality of life you have always wanted. For more information, visit us at Everett Insurance in Glen Allen, VA today.