Life Insurance
Life insurance is becoming a common policy in Rhode Island as it is viewed as the cornerstone of sound financial planning. With so many types available, you are guaranteed that your finances are in good hands. At the Agency Paiva LLC, we recommend knowing your life insurance needs, and our insurance experts can help you choose a type that fits your needs. If you're still green about life insurance, our team can help answer some of your questions to get you started.
What is life insurance?
Life insurance is a contract between you and your insurance provider that promises to pay a death benefit to your beneficiary if you pass away while the policy is in force. In turn, you will be expected to pay monthly, annual, or semi-annual premiums. The amount of insurance to buy heavily depends on your insurance needs and the type of insurance you buy.
Who is a beneficiary?
A beneficiary is a person who receives your death benefit upon your death. You are allowed to choose two positions: Primary beneficiary and contingent beneficiary. The primary beneficiary should receive the death benefit, but if they pass away, your contingent beneficiary receives the benefit on their behalf. When it comes to buying life insurance, you need to make the tough decision of choosing only one name to be your primary beneficiary without causing conflict between you and your family members.
Who can buy life insurance?
Anyone can buy life insurance in Rhode Island. Financial advisors and Insurance experts recommend buying life insurance when you're still young as the rates are lower for younger people. With life insurance, the younger you are, the better. However, that doesn't mean seniors cannot buy the policy. If you are an asset owner, a wealthy senior with grandchildren, or a single parent, your dependents may greatly benefit from your life insurance.
Buy life insurance and protect those who matter to you most. For more information, quotes, questions, and policy discussions feel free to contact The Agency Paiva LLC today.
