Welcome back to the Naples Life Insurance and Annuity Advisors blog! Lately, on our blog we have been covering everything that relates to life insurance. Life insurance is something that many know about, but some don’t grasp the importance of having life insurance or what it can do for them. Life insurance can serve a variety of purposes and provide benefit for anyone at any age.
To learn more about what life insurance can do for you, be sure to catch up on our archive of blogs posts, and talk to an expert at Naples Life Insurance and Annuity Advisors! Our advisors would love to help you find a policy that will work for your present needs and your future goals. Visit our website to learn more about us and to make an appointment at our Naples area office.
I Have Life Insurance, Now What?
Today, we are going to talk about what you should do after you have purchased life insurance. Investing in a policy is a big part of getting the most out of life insurance. However, there are a few things that you need to do after you buy a policy.
Make Your Payments
The first step after you buy a policy is to start making your premium payments. We understand that this may seem like an intuitive step in the process, but it’s an absolute must for receiving the most benefit for your investment. With some policies, once you’ve paid a certain amount on your policy, you will not have to make premium payments for a certain amount of time. Instead, the cash value of your policy “pays” your premiums for you for a time.
Tell Your Beneficiary About the Policy
If you buy an insurance policy it is important that you tell your beneficiaries about it. Why? First of all, they can have the comfort in the present that you have prepared for the future with their benefit in mind. Also, they will know how to prepare for their future as well; some children assume that they will have to carry most of the responsibility for covering for funeral costs and other expenses. If you have prepared, they can have peace of mind and divert those funds to another area of their finances. You should also share:
- Where to find the physical copy of your policy.
- The specifics of your policy like the benefits, value, and other aspects.
- Any special instructions that your policy entails.
Budget For It
Finally, when you invest in life insurance, you must budget for it. If you have bought a policy, you most likely have decided on how many funds you will divert for the purpose of paying the premiums for your policy. However, it is important to establish the habit of paying for your policy so that you can eventually experience the full benefit.
Stay tuned for more posts about life insurance and annuities, and be sure to visit the Naples Life Insurance and Annuity Advisors website! We would love to help you find a policy that will provide you the investment opportunities that you are looking for.