Choosing a Life Insurance Beneficiary: Know the Facts

Choosing a life insurance beneficiary is an important decision that only you can make. Knowing the facts can help you make wise decisions that will benefit those you love most.

Types of Beneficiaries

There are basically two types of beneficiaries: primary and contingent. Your primary beneficiary is the individual or individuals you choose to receive the benefits of your policy upon your demise. If this person or persons die before you, proceeds will go to your contingent beneficiary.

Beneficiary Options

There are numerous options for beneficiaries to your life insurance policy.

Family: If you’re married, your primary beneficiary would probably be your spouse and children to provide them with financial support after your demise. Other family members to include parents, siblings, uncles, aunts, etc. could also be named as beneficiaries, if you desire. When naming more than one beneficiary, it’s important to stipulate how the funds will be divided to avoid misunderstandings.  

Minor Children:  Minor children can’t receive death benefits directly making it necessary to name a legal guardian as your beneficiary on their behalf. This guardian will manage the proceeds of your policy until your children reach legal age. Your Allegiance Insurance Agency agent can help guide you through the legalities of this process.  

Estate: You can name your estate as the beneficiary of your life insurance policy by specifying this in your will. The executor of your estate will receive the proceeds and distribute them in accordance with the instructions in your will.

Other:  If you have a favorite charity, you may want to name it as your beneficiary. If you’re the co-owner of a business, you may designate your business partner as beneficiary so he can continue the business you started together in Richardson, TX after you’re gone.

To learn more about life insurance beneficiaries, policies and costs, contact Allegiance Insurance Agency in Richardson, TX.

Do You Need Commercial Insurance For An Online Business?

Business today can exist in a traditional sense and as an eCommerce entity. This means that you can operate solely on the internet rather than having a brick and mortar location. You may be wondering if you need commercial insurance if you don’t have a physical location. If you have any type of inventory or office equipment of value, then you are going to need the protection that commercial insurance can offer to prevent you from seeing losses from a covered event.

eCommerce Commercial Insurance

If you are a business owner and operate primarily as an eCommerce entity, then you should discuss the options you have for commercial insurance with a reliable provider. There are many reputable companies on the market today that can cater to the special needs of eCommerce based business owners. Educate yourself on the potential risks you may see along the way and protect yourself with coverage geared to support online business. 

Finding The Right Insurance Company

Finding the right company is the key to getting the coverage you need to protect you from losses is the first steps towards securing the future of your company. Use the insurance products and services from reputable companies such as Allegiance Insurance Agency, serving the businesses of Richardson, TX and the surrounding areas. They can work with you one on one to give you the most comprehensive coverage so you can rest easy knowing you are protected. 

For more information about commercial insurance for online businesses, contact Allegiance Insurance Agency. They proudly offer assistance to the businesses and residents in and around the Richardson, TX area. Call or stop by today to speak with one of their knowledgeable representatives.