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Brock and Poole Insurance Agency, Inc.

185 N Main St
Ste. 103
Collierville, TN 38017

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Can I Change The Beneficiaries In My Life Insurance Policy At Any Time?

Collierville, TN residents who are looking to ensure continued protection for their loved ones will often meet with Brock and Poole Insurance Agency to find out more about their life insurance policies. One of the most common questions that are asked in these instances will have to do with the beneficiaries of the life insurance policy.

How Many Beneficiaries Can We Have?

There are two types of beneficiaries that the policyholder must choose. A primary beneficiary and contingent beneficiary are both included in the policy but there are some key differences to discuss. The primary beneficiary receives the life insurance policy’s proceeds when the person who is insured passes away.

As for the contingent beneficiary, they are also known as a secondary beneficiary. If the primary beneficiary is still alive when the policyholder passes away, the contingent beneficiary does not receive any of the proceeds.

What If I Want To Change My Beneficiaries?

There are certain situations that will arise that cause us to change beneficiaries and these situations tend to arise rather quickly. If one of the aforementioned beneficiaries passes away before they have a chance to receive the proceeds, the policyholder must make changes. Fortunately, this is a relatively simple process that will not take too much of your time and effort.

All you will need to do is contact the company that you purchased your life insurance policy from and request the proper forms. Once you have completed this simple step, you are able to choose the new beneficiaries and the process is handled as rapidly as possible…with minimal stress. 

To learn more about your life insurance policy and any potential alterations that need to be made, Brock and Poole Insurance Agency is here to help all Collierville, TN residents who are in need of further assistance. 

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How much life insurance do I need?

Despite the challenge of planning for life after death, many clients come to us at Brock and Poole Insurance Agency in Collierville, TN, in hopes of doing exactly that. Caring for dependents and other loved ones requires careful planning and conversations that are difficult for most. One of the most common insurance-related questions we receive is, “How much life insurance do I need?”

Because the answer is highly individual, we meet with each client face to face to discuss their current situation, their goals in purchasing life insurance, and their questions and concerns. Some of the most important things to take into consideration when planning for life insurance include:

  • What are your goals? What are you hoping to achieve in purchasing life insurance?
  • Whether you really need life insurance. If you don’t have dependents or debt, you may not need a life insurance policy.
  • Which debts might be outstanding upon your death if you were to pass away today, in five years, or in 20 years.
  • Which assets your family would have access to upon your passing, not including those they would need to keep in order to live comfortably, such as your home.
  • How much income is required monthly to run your current household.
  • How many dependents you have and how old they are.
  • Whether your spouse works and how much he or she earns.

By exploring your personal goals and current financial standing, we can assist you in selecting a policy that provides the comfort and security you want for your family long after you pass away. Because insurance regulations vary significantly from state to state, choosing an agent in Tennessee is important in protecting your future.

To learn more, contact Brock and Poole Insurance Agency in Collierville, TN, today!

                     

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