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Can I Have Multiple Life Insurance Beneficiaries?

At Laine Insurance in Colorado, we help our clients provide for their loved ones or leave a legacy after they die with life insurance policies. While you might not want to think about what could happen to your loved ones after you pass or how you’ll be remembered, it’s better to plan for the future than stick your head in the sand. If you are putting off getting a life insurance policy because you worry about choosing one person to be the beneficiary of your policy, the good news is that you can generally have more than one life insurance policy, excluding exceptions or policies that may have terms that don’t allow this.

Can I Have More than One Life Insurance Beneficiary?

Typically, you can have more than one life insurance beneficiary. You can split your death benefit, which is the benefit that is paid to the listed beneficiary after you pass away, by percentage to any number of parties. If you have multiple children you’d like to give a death benefit, you can split it by percentage when you purchase the policy or update it.

What’s the Benefit to Having More than One Beneficiary?

You might want to list one person as your beneficiary on a life insurance policy such as a spouse. Even so, it can be a good idea to list more than one person so you have someone as a backup if that person has already passed by the time you pass. Having multiple beneficiaries can also make it possible for you to give a “gift that keeps on giving” by donating a percentage of the death benefit to charity. 

Reach Out To Us

For information on beneficiaries and more in a life insurance policy, contact our team at Laine Insurance in Colorado!

How much life insurance should I get?

Life insurance from Laine Insurance is an important part of any financial plan, as it provides security and peace of mind in the event of an unexpected death here in Colorado.

But how much life insurance should you get? 

The amount of life insurance you need depends on many factors such as your age and health, income level, number of dependents, and retirement goals. Start by considering how much your family would need just to cover basic expenses if something happened to you, such as funeral costs, mortgage payments, and educational or childcare costs. 

It’s also important to think about long-term goals like retirement planning or providing for a spouse after you’re gone. Consider the amount of money that would be required to accomplish this goal and add it to the amount that would be needed to cover basic expenses.  You may also want to consider whether you will need additional benefits, such as funds for college education or another large purchase. 

Finally, review your policy regularly and make sure it’s sufficient for your current needs. A life insurance agent can help you determine the best coverage for your situation. By taking into account all the necessary factors when choosing a policy, you can rest assured that you have peace of mind knowing that your family will be taken care of if something happens to you.

We Are Here To Help!

For more information, give us at Laine Insurance a call today. We are proud to serve the people of Colorado and would be happy to help you find a policy that meets both your needs and your budget. You will sleep better knowing that your family is protected in case something should happen. So don’t wait! Call today!