Health and Life Insurance
Some insurances are required such as car or home, other types of insurance may not be required but could benefit you as well as your family should anything happen to you. These "other" types of insurance are health coverage and life insurance. Individuals as well as families should make sure they have adequate health and life insurance coverage not only for you but also for your entire family.
Barengo is here to offer you those additional insurance needs such as the medical coverage. With medical costs rising everyone should make sure his or her current health insurance coverage is adequate for their individual as well as family needs. If you are interested in health insurance please contact a Barengo agent today.
Life Insurance is a way to make sure your family has the financial support needed upon your passing, these funds are usually to assist the financial needs of a child, spouse, aging parent, or someone else you are currently financially supporting, paying off a mortgage, burial expenses, etc. The funds are paid to the beneficiary you have chosen upon your passing once the claim process is completed. Life insurance is typically broken into two different types, Term and Whole, but keep in mind there are other types of life insurance offered. Please be sure to ask your Barengo agent regarding your specific needs.
Term insurance is only paid out to the beneficiary should death occur during the term of the actual policy (or while you are paying the premium). Term policies may range from one to thirty years depending on the length of coverage needed and you typically pay a monthly, quarterly, or annual premium.
Whole life insurance is paid to the beneficiary regardless of when the person passes. Your beneficiary will be able to collect on whole life insurance whether you’re still making your premiums or whether you have the policy paid up and no longer pay premiums.
When should you review your life insurance policy?
It is suggested that you should review your life insurance policy every year; you should also review your policy if you have a change in living as listed below:
- Marriage/Divorce
- New Child
- Change in health of you or spouse
- Financial responsibility of aging parent or who requires long term care
- New home or refinancing a home
- Receiving an inheritance
Life Insurance Tip:
Knowing how to keep your life insurance policies organized and stored is beneficial should your loved ones need to file a claim.
For each policy you should have the following information:
- Name of the insurance company as stated in the policy
- City and State of the home office (headquarters) of the insurance company
- The name and address of the agent/broker who sold the policy
- The date the policy was issued
- The policy number & type of policy
- The amount of death benefits
- Where the original life insurance policy is kept
- You should also record on the policy any updates or write the date of the update on the policy.
Where you should keep this information:
- You should keep one set at your home in a safe location. Make sure you inform the person who may need to find this information where you keep it.
- You should keep one set outside of your home, in such a place as a safe deposit box or with a professional (such as your lawyer or other professional you trust).
