Category: Life Insurance

Congratulations on making your first step towards safeguarding your dependent’s future. The critical part is over, but you’ve yet to make another lifelong decision that can cost you peace if you are not careful enough–choosing a life insurance beneficiary. Not sure what a beneficiary is? How to pick one, and why you should discuss it with your family? Adams Insurance & Financial will help you get all the answers.

What is a Life Insurance Beneficiary?

A beneficiary is simply the person or entity you want to receive and benefit from the wealth you leave behind in your life insurance policy. When you purchase your life insurance policy in Northwest Arkansas, you will be asked to name two people or entities as your beneficiaries. It is a critical part of the policy. After all, beneficiaries are the reason you’re buying the policy in the first place.

Who Can Be My Beneficiary

Anyone can be your life insurance policy. It can be your family, friend, neighbor, organization, business partner, or even a trust. It’s essential to note that some insurance companies limit the number of beneficiaries you can name. However, if you have to name all of them, it is critical that you determine the percentage each should get to avoid conflict.

Difference Between Contingent and Primary Beneficiary

Every life insurance policy comes with two entries for beneficiaries. You must add a primary beneficiary and a contingent beneficiary. The primary beneficiary is the first name to receive the death benefit if you die, but if the primary beneficiary dies before you, the secondary, also known as contingent beneficiaries, will receive the death benefit.

Need Help?

At Adams Insurance & Financial, we care about what you value. We are here to help you understand your policy better, so you can obtain enough coverage for the people that matter to you. Call our Northwest Arkansas agents, and they will be happy to help.

Life insurance isn’t a topic most people want to discuss. From our experience at Adams Insurance & Financial, we see most people procrastinate life insurance until something significant happens. This shouldn’t be the case. Purchasing life insurance early on is a worthwhile investment you can count on. But because it’s never too late, you can still buy life insurance to enjoy the below benefits.

To protect your loved ones.

If you have anyone that depends on you for financial support, that alone is a reason to buy life insurance. Life insurance substitutes your income when you pass on. As such, your dependents don’t have to suffer financially when you are long gone.

To leave an inheritance. 

Yes, you might not have substantial assets to leave to your heirs, but with life insurance, you have something to pass on. This way, you will leave your kids or parents with substantial financial support to cater to expenses you used to pay when you were alive.

To pay off debts.

Perhaps you have a home or car debt. If you were to die today, who will assume your obligations? Generally, your next of kin will have to bear the financial liability. Would you want that? Certainly not. With this in mind, obtaining life insurance takes care of your debts, thus making sure that your loved ones don’t have to carry your debt burden when your time comes.

For a sense of security.

Generally, human beings worry a lot. To this end, the thought of death might invoke a flurry of thoughts, especially pondering how your loved ones will cope when you are long gone. Of course, they will be sad, but they don’t have to slump into a financial mess when you die. Taking life insurance won’t replace life, but it gives you the certainty that your family will be taken care of when you die.

Life insurance in Northwest Arkansas.

Need more information on life insurance? Please contact us at Adams Insurance & Financial for more insights. And if looking for a life insurance investment, we are ready to help you protect your loved ones now and in the future. Please contact us today if you are in Northwest Arkansas and the surrounding areas.

Life insurance isn’t a topic most people want to discuss. From our experience at Adams Insurance & Financial, we see most people procrastinate life insurance until something significant happens. This shouldn’t be the case. Purchasing life insurance early on is a worthwhile investment you can count on. But because it’s never too late, you can still buy life insurance to enjoy the below benefits.

To protect your loved ones.

If you have anyone that depends on you for financial support, that alone is a reason to buy life insurance. Life insurance substitutes your income when you pass on. As such, your dependents don’t have to suffer financially when you are long gone.

To leave an inheritance. 

Yes, you might not have substantial assets to leave to your heirs, but with life insurance, you have something to pass on. This way, you will leave your kids or parents with substantial financial support to cater to expenses you used to pay when you were alive.

To pay off debts.

Perhaps you have a home or car debt. If you were to die today, who will assume your obligations? Generally, your next of kin will have to bear the financial liability. Would you want that? Certainly not. With this in mind, obtaining life insurance takes care of your debts, thus making sure that your loved ones don’t have to carry your debt burden when your time comes.

For a sense of security.

Generally, human beings worry a lot. To this end, the thought of death might invoke a flurry of thoughts, especially pondering how your loved ones will cope when you are long gone. Of course, they will be sad, but they don’t have to slump into a financial mess when you die. Taking life insurance won’t replace life, but it gives you the certainty that your family will be taken care of when you die.

Life insurance in Northwest Arkansas.

Need more information on life insurance? Please contact us at Adams Insurance & Financial for more insights. And if looking for a life insurance investment, we are ready to help you protect your loved ones now and in the future. Please contact us today if you are in Northwest Arkansas and the surrounding areas.

Life insurance is a very personalized type of insurance. It needs to be tailored to your life, and it is not something that remains the same when you are 20 as when you are 40 or 60. It needs to grow with you as your life ebbs and flows. Having an insurance agent you trust and who has personal knowledge of your situation is important. Adams Insurance & Financial in Northwest Arkansas is just such an agency. Our experienced staff is ready to provide "out of the ordinary" customer service. 

You change employers

It is often the case you get life insurance as part of a benefits package. When you change employers, you will need to take on the payment of that benefit yourself if you want to retain it. It may not be the best option for you.  

You get married

When you get married, you should change the beneficiary on your life insurance policy. This is a very good time to make sure you have adequate coverage for your new spouse. 

You have children

When you have children, you have a responsibility for more than 20 years into the future to provide for their needs. If you want to pay for college, this is also something to factor in the amount of life insurance you need to have, 

You retire

When you retire, you need may totally change. If your children have all flown the coup, you may not need the amount of life insurance you have had over the years. A decreased income is also something that may determine your life insurance needs. 

When you are ready to review your current life insurance coverage at Adams Insurance & Financial in Northwest Arkansas, we are ready to help you. Give us a call and let us help you to update your life insurance.