While it can be hard to think about your death for you and your loved ones, it’s still necessary to plan for how you may want to provide for your loved ones once you are gone. At Empower Financial Group in Florence, KY, we make sure that we handle these conversations with compassion and care.
We offer life insurance policies that vary in specifics so that you can choose the right one for your family. Although this can be an uncomfortable part of future planning, many of our clients find peace in knowing that those they love or the charities they support will receive a parting gift when they leave this life.
The term “life insurance” refers to a sort of insurance coverage that pays a lump sum of money, also known as a “death benefit,” to the documented beneficiary in the event that the policyholder dies. Frequently, individuals will list their surviving spouse or other family members as a beneficiary. If you do not have a surviving family member or you would prefer not to list them as a beneficiary, you can also promote goodwill in your community by listing a favorite charity or other organization as the recipient of your death benefit.
Once you have passed, your beneficiary will be able to contact our office and provide a death certificate to indicate that they are entitled to this benefit. After going through the appropriate claims process, we will be able to pay the death benefit to your beneficiary in the way that it is structured. Some benefits offer a single, one-time payment while others pay the benefit in monthly income indefinitely. Although specifics may vary, life insurance policies and death benefits generally function in the same manner.
To learn more about our life insurance policies, call our office at Empower Financial Group in Florence, KY today!