When it comes to life insurance, you might think that enough is a pretty general word, and it is. There is a great deal more to make sure you have adequate life insurance. At Brittany Olson Insurance Agency LLC, serving the greater Cloquet, MN community, we understand that life insurance is one of the most important things you can do for your family. We will work hard to make sure you get exactly the right coverage.
You need how much life insurance?
Before you can determine the amount of life insurance that you need, you must answer a few questions. The answers that you give factor into the figure that will meet your life insurance needs.
- Who depends on your income?
- What is your income?
- For how many years do you need to provide?
Once you have the answers to these questions, you will have the basic pieces of information that you need to make the decision about how much life insurance is enough.
Who are your dependents? Are they young children? If they are, you will need to provide income for them for a longer period of time. Experts estimate that between 7-10 years of income is required.
What type of insurance makes sense?
Term life insurance is the most affordable. It can be purchased for a limited number of years when you have the most need. When you need a large amount of life insurance, this may be the only option you can afford.
So how much life insurance is enough? If your income is $50,000 and you need to provide for 20 years, that is a million dollars in coverage.
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Give us a call at Brittany Olson Insurance Agency LLC in Cloquet, MN to learn more about life insurance.
At Brittany Olson Insurance Agency LLC, serving the greater Cloquet, MN area, one of the insurance products that we offer is life insurance. It is strongly recommended that every parent have life insurance so that their children can continue to live the same life they have grown accustomed to if the parent passes away early. When you hear this, one of the questions you may have is whether or not a child can be named as a life insurance beneficiary.
Can a Child Be Named As a Life Insurance Beneficiary?
A child can be named as a life insurance beneficiary. However, a life insurance company will not pay money out to a child who is under the age of 18. This is why many people leave the money to their spouses or whoever will be caring for the child until they turn 18 – if their child is not yet 18.
What Can Happen If Your Child is Not an Adult and the Beneficiary?
If your child is not yet an adult, it is strongly recommended that you create a trust, so the life insurance money goes into a trust. If your child is named a beneficiary and you pass away before they turn 18, the courts will have to appoint a court-ordered custodian to oversee the money. This can create delays in the payments.
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If you are looking to purchase life insurance, and your child is not yet an adult, you may want to leave the life insurance policy in the name of the person who will be taking care of your child or ensure that a trust is set up for your child so the life insurance money goes straight into the trust. If you are looking to purchase a life insurance policy in the greater Cloquet, MN area, call Brittany Olson Insurance Agency LLC to get started.
Anyone living in the Cloquet, MN area will have insurance needs. One type of coverage to never overlook is life insurance. If you have a life insurance plan, it can provide financial protection for those that you care about. If you are looking for coverage, there are many options to consider. It is important to consider your various options, which can include term and whole life protection.
Life Insurance Plans
A type of life insurance that is ideal for many people is term life coverage. A term life plan is often ideal because you have a lot of flexibility when it comes to customizing the plan in terms of coverage amount and policy length. As long as payments continue to be made during the term, you will continue to have coverage. An added benefit is that you tend to have more affordable premiums than with other options.
Whole Life Coverage
Getting a whole life plan is ideal for some people as well. When you get a whole life plan, it will continue to provide coverage for the rest of your life if payments continue to be made. While it can be more expensive on a monthly basis, it does come with investment advantages that can make it a good addition to a long-term financial plan.
Give Us A Call
To pick the proper life insurance plan, it would be a good idea for you to call a professional that you can trust. As you are shopping for a new plan, we at Brittany Olson Insurance Agency LLC in Cloquet, MN are here to help. There are many choices to make when looking for coverage and Brittany Olson Insurance Agency LLC can offer any guidance you need to understand your options and build an ideal policy.
Brittany Olson Insurance Agency LLC serves the Cloquet, MN community, as well as the surrounding areas. We strive to offer high-quality customer service. We are committed to helping our clients find policies that align with their unique needs. We will consult with you and help you assess your options so that you can obtain coverage to protect you well into the future.
Common Life Insurance Misconceptions
Life is full of unexpected moments. Life insurance provides a safety net for your loved ones in the event of your passing. While your loved ones deal with grief regarding your passing, the policy can help them settle your affairs or finalize funeral arrangements. This ensures a smooth transition of your assets once you’ve passed away. While looking over your life insurance policy, avoid these common misconceptions.
I Have No Dependents So Coverage Isn’t Necessary
Obtaining life insurance is beneficial regardless of your relationship status. Even if you’re single, life insurance can help your loved ones settle your affairs if you pass away. The policy also gives you an opportunity to leave a legacy behind. Life insurance can prevent you from leading your loved ones to handle a burden.
My Children Are Adults Now So I Don’t Need Coverage
Even if your children have moved out and are pursuing careers in the Cloquet, MN community, life insurance is still an asset. If you don’t have coverage, settling your affairs may become complicated. The easiest way to ensure that everything goes smoothly is through obtaining coverage.
Brittany Olson Insurance Agency LLC Will Help You Protect Your Assets
Contact us today to learn more information about life insurance.