Life Insurance in Plano, TX
Your loved ones deserve financial security, especially when you’re no longer around to support them. Investing in life insurance may provide essential funds they can use for daily living expenses, helping maintain their quality of life.
What Are the Benefits of Life Insurance?
Beneficiaries may use the payout from a life insurance policy in a wide range of situations, including the following:
- Replacing lost income
- Covering outstanding debts
- Paying for children’s future education expenses
- Covering funeral costs and burial or cremation fees
- Pay for estate taxes
Additionally, you can use your life insurance policy to make charitable contributions or create an inheritance for your heirs. The agents at Prime Time Insurance Services can help you learn more about life insurance benefits.
How Much Coverage Do I Need?
The amount of life insurance coverage you need typically depends on your financial obligations and the needs of your dependents. Consider mortgage payments, car loans, credit card debt and other liabilities. Factor in the future financial needs of your dependents, such as college tuition and daily living expenses. Make sure to also account for inflation and potential changes in your family’s economic situation.
How Is Life Insurance Paid Out?
When a policyholder passes away, the beneficiaries must file a claim with the insurance company, usually by submitting a claim form, a death certificate and any other required documents. Once approved, the insurer pays out the death benefit in one of three ways: as a lump sum, through scheduled installments or by holding the funds in an account the beneficiaries can access as needed.
Learn More About Life Insurance
Prime Time Insurance Services can help secure your family’s financial well-being. Whether you prefer to meet in person, over the phone or virtually, our friendly team is ready to assist you every step of the way. Contact us today to get started.