Who Can Take Out Life Insurance on Me?

If you have never taken out a life insurance policy before, you may be wondering who can take out a life insurance policy on you. Generally, anyone can take out a policy on anyone else as long as they have their consent. Here are a few issues insurance companies will look at when determining who should and can take out a policy on someone else.

What Their Insurable Interest Is

Generally, insurance companies want to know what someone’s insurable interest is in someone else. Your spouse may take a policy out on you so they can live the same lifestyle they have become accustomed to if you die and they don’t have your paycheck. A parent may insure a child so that they don’t have to pay costly funeral expenses out of pocket. However, if someone doesn’t have an insurable interest in someone else, the insurance companies may be hesitant to write the policy.

If They Have Permission

Unless the person you are looking to insure is a minor, you must have their permission to take out a life insurance policy on them. If you don’t have their permission, an insurance company will not write the policy.

Taking a Policy Out on Yourself

Lastly, you can take out a policy on your own life. When you do this, you can name your own beneficiaries. Many people don’t realize they can do this. This is the best way to ensure your loved ones are taken care of when you pass.

If you are looking to take out a new life insurance policy, contact Bob Korvas Agency Inc. They serve the greater Niles, IL area. They can help you start a new life insurance policy and ensure the policy limits will serve your needs at a price you can afford.

Understanding Umbrella Insurance: Is It for You?

Umbrella insurance is essentially what it sounds like; it protects you from situations that may not be covered in your standard insurance policies. We’ll give you some tips when if you’re considering taking the extra step of protection for total coverage and peace of mind. 

Better Safe Than Sorry

People who want umbrella insurance generally live by this philosophy. Home insurance may cover a variety of standard scenarios, but when an odd event crops up, they may err on the side of no when it comes to paying anything out for the owner. This is frustrating and awful, and umbrella insurance could be your ticket to never having to encounter a situation like this. Most of us live our lives day to day without anything happening, but this is a way to safeguard yourself against practically anything you can think of. Too many people are underinsured out there, and it can be extremely shocking to them when they actually are in need of help. Before you decide that you’ve thought of everything under the sun, you may want to talk to someone who knows umbrella insurance. 

Bob Korvas Agency Inc.

We’re the ones to call upon if you need umbrella insurance in Niles, IL. We talk to people from all walks of life, and help them determine what works best in their world to protect all that’s theirs. Whether you’re concerned about how policies are handled, who you’ll be working with or how much you’ll pay every month, we can take you through how it all works here, and direct you to the best solution possible. Umbrella insurance may not be for you but if you have a lot to lose, then we highly recommend it for our clients welfare. Call us today for more information!