Tips for Choosing a Life Insurance Beneficiary

Choosing a beneficiary for your life policy is an important step in the insurance process. Your beneficiary is the individual designated to receive monetary benefits after your demise. Beneficiaries can be family members, friends, co-workers, or a favorite charity in Richardson, TX. These tips from Allegiance Insurance Agency can help you in selecting the right beneficiary for your policy.

Spouse & Children

If your intent in taking out a life policy was to provide financial support for your spouse and children in the event of your unforeseen demise, they will probably be your preferred beneficiaries. Life benefits will help replace your income in meeting your family’s financial needs after you’re gone. These benefits can be used to pay off debts, cover food and rent, pay for your kids’ schooling, and more.

Aging Parents

If you’re supporting your aging parents in retirement now, making them your beneficiaries will ensure they continue to receive support after you’re gone.

Siblings

You may want to designate younger siblings as beneficiaries to help cover their college costs. If you have a sick or disabled sibling, life benefits can help him or her with medical treatment costs.  

Close Friends/Co-Workers/Charity

Your beneficiary doesn’t have to be a family member. You could designate a close friend, co-worker, or business partner in Richardson, TX as your beneficiary to help them financially after you’re gone. You can even name a favorite charity as your beneficiary to provide for needy people in your community.

One or More Beneficiaries?

You can choose one beneficiary to receive your life benefits or divide your benefits between various beneficiaries in whatever way you choose. This gives you greater control in helping loved ones after you’re gone.

To learn more about life insurance options, benefits and costs, call or visit us at Allegiance Insurance Agency.

Who needs to get health insurance?

When you are in the Richardson, TX area, there are a variety of insurance policies that you should obtain. One type of insurance that people here need to get is health insurance. This provides very valuable coverage and can help you receive quality healthcare and attention. There are several situations when someone will need to get this type of care. 

Those that Want to Have Access to Affordable Care

Having access to affordable care is extremely important. Those that are able to see a doctor and receive necessary medications can end up living a healthier life than those that do not. When you have health insurance, you are going to be able to get the care that you need at a more affordable rate. If you do not have insurance, this cost will be much higher. Further, without health insurance, if you are ever injured or get sick, the cost of going to an emergency room for medical attention will be extremely high.

Those that Want to Comply with Law

You will also want to get health insurance if you want to comply with the current laws. In the country today, all people are required by law to carry health insurance. If you do not have this insurance coverage, you could be penalized at the end of the year.

It will continue to be very important that people all over the Richardson, TX area get into an appropriate health insurance policy. If you are in the market for a new policy, it would be a good idea to call the insurance professionals with the Allegiance Insurance Agency. If you do work with the Allegiance Insurance Agency, you can get the guidance and support that is needed to choose the right policy that gives appropriate health insurance coverage.