Best Life Insurance Companies in Salt Lake City

Frequently Asked Questions

• Which type of life insurance should you get in Salt Lake City?

  You have two choices when it comes to life insurance plans in Salt Lake City: term and whole life. When choosing which type of life insurance you should get, you need to consider your budget. You may want to go for term life insurance if you have a limited budget. While this will only cover you for a certain number of years, it is a cheap way for you to get protected while you're reaching a specific financial goal. If money is not an issue, go with whole life insurance because it will cover you for life. Plus, it has a cash value.

• Can you name a charity as your beneficiary for your life insurance in Salt Lake City?

  Yes, you can name a charity as your beneficiary for your life insurance in Salt Lake City. You have the option to list several beneficiaries in your life insurance policy, and a charity will fall under the non-living beneficiary category. This allows policy owners to still be able to support their chosen charities even after they are gone and leave a legacy behind. Make sure that you notify your charity of choice so they can contact your insurance provider in case of your passing.

• Do you need life insurance in Salt Lake City even if you don't have dependents?

  In Salt Lake City, getting life insurance is not required by law. However, you may still want to reconsider. Life insurance is not just intended to leave something for your beneficiaries. You can set up your own life insurance to pay off any outstanding debts or prepare for future funeral and burial costs.

• Can you name a minor as a beneficiary in your life insurance policy in Salt Lake City?

  Yes, you can name a minor as a beneficiary in your life insurance policy in Salt Lake City. However, insurance companies will not pay large sums of money directly to a minor. In such cases, the court will choose a guardian or custodian to oversee the minor beneficiary’s death benefits. The funds will only be turned over to the minor beneficiary once he/she reaches legal age.

• What will happen if there is no named beneficiary in a life insurance policy in Salt Lake City?

  When purchasing a life insurance policy in Salt Lake City, there has to be a named beneficiary. The primary beneficiary receives benefits in the event the policyholder dies. If the primary beneficiary is no longer available, next in line is the secondary beneficiary. Should there be no one named as a beneficiary in a life insurance policy, then the estate of the policyholder will be considered a beneficiary. This means that the policy owner's death benefit will be subject to the claims of his/her creditors.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.