Four Things to Do If You Have Life Insurance

Hi welcome to my channel and please don't forget to like comment and subscribe topic about 4 things to do if you have five instruments purchasing and maintaining maintaining life insurance coverage is Strike forward but does that not mean your job is done once if you have signed a DOT line on a policy here are some things to keep in mind after you have purchased your live instrument policy life insurance protects your family from negative Financial impacts after your death it is a product that you can purchase now to protect your loved ones in the future purchasing and maintaining life insurance coverage is Strike forward but that does not mean your job is done once you have signed and dotted line on a policy there are something to keep in mind after you have purchased your life insurance policy the first is keep your beneficiaries up to date your beneficiary is the person or legal entity who will achieve the death benefit from an active life insurance policy as the policy owner it is your responsibility to name at least one beneficiary who will receive your policies will pay out if you haven't named a beneficiary before and you die or your beneficiary dies before you it is your life instrument proceeds go towards your estate if your estate must go through to profit process it can subject your death benefit to creditors or estate taxes in such a case your estate beneficiaries must wait for probate process completion before accessing the funds if a state debt and taxes does not deplete the payout furthermore your money may never reach your intended beneficiary if they are not part of your estate plan update your beneficiaries whenever something that changes in your life whether it is having child getting married or divorced or making a large purchase contact your life insurer for a change of a beneficiary form consider life insurance coverage outside of your employer whether you have a group life. 

Insurance coverage through a civilian employer or sgli through your military service your coverage does not stay with you after you leave your job that means your beneficiaries will only receive the death benefit if you die while you are still working getting coverage outside of work ensures your family will have a financial safety net regardless of your employment additionally group life insurance through your employer may not cover your entire family for example stli makes out at 400 000 get coverage soon the earlier the better the cost of life insurance increases as you age and as your health declines many life insurance companies will ask you to undergo a medical examination with your application so it is important to be as healthy as possible be when you apply so that you qualify for the best rates unfortunately many people do not think of life insurance until it becomes clear that they need it often later in life after acquiring a health condition the longer you wait to buy coverage the more expensive it can get you can start shopping quickly whenever something changes in your life that increases your coverage need also do not progress in it tell your loved ones that you have coverage through it can be uncomfortable to talk to your loved ones about death consider informing your beneficiaries of their beneficiary statues so thank you for watching and don't forget to like comment and subscribe

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