Did someone recently make you the beneficiary of a life insurance policy? What does that mean? It means that a policyholder names you to receive a death benefit. This is the amount of money paid out by the life insurance company in the event of the policyholder’s death. Now, all that’s left to do is file a claim with the life insurance company and decide how you want to receive the payout. Consider using some of that to buy a wreath for the person who left you all that cash.
What You Need to Know
If you are a minor or in charge of a minor who is a beneficiary, you should know that a minor cannot receive the benefits until they turn 18 years old. Keep in mind that the process is not automatic. You might not even be contacted by the insurance company. It’s necessary to make a claim with the company. If there is more than one beneficiary, separate claims must be made. Are you a contingent beneficiary? That means you can only collect if the primary beneficiary is unable to do so. Note that you need to be named explicitly on a life insurance policy. Even if the policyholder was your spouse, you must be named on the policy. Remember, there is no way to change the beneficiary after a policyholder dies.
Roark Insurance Agency Serving Flatwoods, KY
If you need life insurance and are in the Flatwoods, KY, area, please contact Roark Insurance Agency. Our courteous and knowledgeable agents will do all they can to help you.
