If you are contemplating purchasing life insurance, you must make numerous decisions. The most crucial is determining where to buy it. If you reside in the Baraboo, WI, area, we recommend you choose Johnsen Insurance.
Other elements to consider include the type of life insurance you should opt for, whether term or permanent life. How much coverage will you need? A paramount decision is setting your beneficiary.
What’s a Beneficiary?
In terms of a life insurance policy, the beneficiary is the person who will be allocated the benefits upon your death.
Factors in Selecting a Beneficiary
Your beneficiary should ideally be a trusted, long-term friend or relative. They could receive a substantial sum following your death, with few restrictions in place. As such, your faith in their judgment and decision-making abilities should be strong.
Examples of Potential Beneficiaries
Beneficiaries can and should be modified over time. Initially, parents may serve as beneficiaries. Later, this could shift to a long-term partner or spouse. Yet, this may change once again if a divorce or death occurs. Hence, beneficiaries can vary throughout the years, implying the need to review and update as needed routinely.
The Significance of Secondary Beneficiaries
It’s also sensible to nominate a secondary beneficiary as a safety measure if the primary one passes away. This serves as a safeguard in case the process of updating your beneficiaries is overlooked.
Schedule a Life Insurance Review and Get a Quote Today
Residents of the Baraboo, WI area can obtain a no-obligation life insurance review and price quote by reaching out to Johnsen Insurance. Secure peace of mind for yourself and your family today.
