life insurance

What You Should Know About Beneficiaries

Posted on by agentinsure

Deciding how to secure your loved ones’ future after your demise is a crucial life decision. Acquiring life insurance is a straightforward method to ensure your family has the necessary funds for your funeral or other expenses. If you reside in Sandy, UT, our dedicated team at Smith Insurance Group Inc. can assist you in finding the life insurance information you require. Our team has been serving clients in your area for over two decades.

Understanding Beneficiaries

Upon purchasing life insurance, you’ll need to designate one or more beneficiaries. These individuals will receive the payout from your life insurance after your demise. It’s crucial to inform your beneficiaries about your policy, including its location and the name of your insurance company.

If you experience a significant life event, such as marriage or divorce, you might consider changing your beneficiary. Ensure that each beneficiary’s most recent contact information is listed in the policy. Upon your death, your beneficiary can choose between receiving a lump sum payment or setting up a Retained Asset Account, which functions similarly to a checking account.

If you’re collaborating with an estate attorney, ensure they have a copy of your life insurance policy.

Schedule Your Appointment Today

We recognize the importance of making the right decisions for your family. Each member of our Smith Insurance Group Inc. insurance team is equipped to provide you with insurance education and client support. Clients in Sandy, UT have come to trust us for their insurance solutions. Contact us today, and let’s collaborate to find your insurance solutions.

How to Add Your New Child To Your Life Insurance Policy

Posted on by agentinsure

Congratulations on your new baby! Perhaps you’ve decided to adopt or foster an older child, or you’ve married someone with kids, and now you have a stepchild. Whatever the case, it’s a joyous occasion! Now, it’s time to add this new member to your life insurance policy to ensure their well-being if anything happens to you.

Here’s How To Do It Easy

First, review your current policy to understand what is covered and assess your new child’s needs. Determine the best time to add your child to the policy, typically within thirty days. Contact your insurance provider to initiate the process. Make sure all necessary information, such as the birth certificate, social security number, and proof of guardianship, is ready for the agent. Remember, adding a new dependent to your insurance may alter your premiums, so budgeting accordingly is essential. You may also need to update your other insurance policies. Review the coverage as it pertains to your entire family. You might want to consider the option of additional insurance.

Contact The Smith Insurance Group Inc. Serving Sandy, UT

A new child brings significant changes to your life, including your insurance. If you are in the Sandy, UT area and looking for life insurance, please contact The Smith Insurance Group Inc. We will connect you with a proficient and courteous agent dedicated to helping you find the policy that is best for you and your family.