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Life insurance is a very helpful type of insurance policy that can help your beneficiaries in the event of your death. When you die, your life insurance policy will pay your designated beneficiaries the amount stipulated in your policy – an amount you get to choose for each beneficiary.
People who sign up for life insurance should know that their beneficiaries will receive money and can control how much. At Senz Insurance Agency Inc., servicing Beloit, WI, we can help answer your questions about life insurance. Below are some common questions people ask before signing up for this type of insurance.
What Can Life Insurance Benefits Pay For?
Life insurance benefits can be used to pay for anything from a vacation to a mortgage. Many people will tell their beneficiaries that the money has an intended purpose, but the money can be used for anything. Some examples of ways that your beneficiaries might use your life insurance money:
- Pay a mortgage
- Pay for a child’s education
- Pay bills and cover expenses that your salary might have covered
Who Can Be Named Beneficiary?
In some states, life insurance must be left to a spouse unless the spouse gives permission to do otherwise. In states that do not have this rule, the money can be left to anyone.
Are Life Insurance Benefits Taxed?
Life insurance benefits are not usually subject to income tax, but beneficiaries should consult with a tax professional after receiving this kind of benefit.
Do you have more questions about life insurance? The professionals at Senz Insurance Agency Inc. servicing Beloit, WI can help. We offer assistance to people who want life insurance, and we can help you choose a type of life insurance that’s right for you. Call today to make an appointment and learn more about life insurance policies.
